Category: Municipal Finance

Sub-cities? Part 3, A hollow urban core

3 January, 2014 (09:00) | business improvement district, Chicago, Cities, Innovations, Municipal Finance, Neighborhood, RDAs, Speculation, Theory, TIF, US News |

[Continued from yesterday's Part 2 and the preceding Part 1.]   By:David A. Smith   By now, carefully dismantling Aaron M. Renn’sinformative jeremiad inCity Journal (October 16, 2013), we’ve established that TIFs are used to fund particular bits of civic infrastructure, often with a private partner as principal developer, that would not be funded otherwise out […]

Sub-cities? Part 2, Insulating from poorer segments

2 January, 2014 (09:00) | business improvement district, Chicago, Cities, Innovations, Municipal Finance, Neighborhood, RDAs, Speculation, Theory, TIF, US News |

[Continued from yesterday's Part 1.]   By:David A. Smith   Yesterday’s post used as a springboard Aaron M. Renn’ssophist disquisition, published in City Journal (October 16, 2013), on Tax Increment Financing and its potential evils; as an important bit of logical argumentative housekeeping, I refuted one of Mr. Renn’s scandals of TIF misuse: a new […]

Sub-cities? Part 1, Generous to Chicago

31 December, 2013 (12:56) | business improvement district, Chicago, Cities, Innovations, Municipal Finance, Neighborhood, RDAs, Speculation, Theory, TIF, US News |

By:David A. Smith   Have some of our cities become too large – not physically (although that is clearly the case with Detroit), but politically? That’s the hypothesis I formed while reading Aaron M. Renn’s well-written polemic disguised as reporting in City Journal (October 16, 2013):   Passionate about cities: Aaron Renn Rahm Emanuel inherited […]

A fool and his bond market are soon parted: Part 2, Or go the way of Detroit

5 December, 2013 (09:00) | Bankruptcy, Bonds, Chicago, Cities, Detroit, Local issues, Municipal Finance, Rahm Emanuel, ratings agencies, Real estate taxes, Speculation, US News |

[Continued from yesterday's Part 1.]   By:David A. Smith   So far in this post, using as principal source Investors’ Business Daily (November 13, 2013), we’ve seen that (as I speculated two months ago in In Next up: Chicago), Chicago’s finances are nearly as parlous as Detroit’s were, and that Mayor Rahm Emanuel’s recent efforts […]

A fool and his bond market are soon parted: Part 1, Call it a cliff, call it a precipice

4 December, 2013 (13:27) | Bankruptcy, Bonds, Chicago, Cities, Detroit, Local issues, Municipal Finance, Rahm Emanuel, Rating agencies, Real estate taxes, Speculation, US News |

By:David A. Smith   In Next up: Chicago, I spent three posts (Part 1, Part 2, and Part 3) documenting how the Windy City was following Detroit into certain municipal insolvency, and presented the prevaricating evasions offered by Chicago’s former chief auditor (now under indictment);   Last year, now-retiring City Comptroller Amer Ahmad argued that […]