Lightfoot to declare $300 million TIF surplus — largest in Chicago history – Chicago Sun-Times

Mayor Lori Lightfoot’s 2020 budget includes a $300 million tax-increment-financing surplus — the largest in Chicago history — just to help bankroll the $500 million offer the striking Chicago Teachers Union has already rejected, a top mayoral aide said Wednesday.

By closing out five TIF’s and scouring all of the others, Lightfoot has managed to generate $163 million for Chicago Public Schools. That’s $66 million more than the school system received last year.

The city will get $31 million of that new money to help defray its $838 million budget gap.

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Freddy
4 years ago

Does anyone know the cost of keeping open the schools that are at 10-20% capacity now compared to 2008? There was a list of at least 20 schools or more on this website. They are open 24/7 with heating/maintenance/repairs/etc. Cost must be in millions.

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