Nearly a decade after Sears abandoned the city as its headquarters, taking billions of dollars of tax revenue with it, its executives are requesting a public subsidy to locate a store on State Street (Business, May 29).
The subsidy would come in the form of part of the $166 million tax-increment financing district (TIF) bonds recently floated for improvement in the central Loop. TIF districts are supposed to be used by municipalities to improve blighted areas. State law requires that certain criteria be met before a TIF district is approved. State Street and the rest of the central Loop met these criteria when the TIF for the area was approved. Under Mayor Daley’s leadership the central Loop and much of the rest of the city have been rejuvenated.
It is outrageous for Sears to request a TIF. It would be even more outrageous for Mayor Richard Daley to approve one for them after what they did to Chicago and to Hoffman Estates. Had Sears spent the amount of time it did on its move on running a competitive business, it would not need public subsidies.
Large corporations are playing the extortion game for public money from local governments in return for locating headquarters or stores, just as sports franchises have done. If Mayor Daley grants Sears its subsidy, he should also use our money to build the Chicago Bears a new stadium.
