Politics & Government
Chicago Teachers Union Urges City To End TIF Districts, Send $1 Billion In Funds To Chicago Public Schools
The union said, instead of tax increment financing (TIF) money going to developers or big corporations, it should be spent on CPS students.
October 10, 2024
CHICAGO (CBS) -- The Chicago Teachers Union wants the city to take money used to entice developers and re-direct it to Chicago Public Schools, saying it could generate $1 billion for the school district.
Find out what's happening in Beverly-MtGreenwoodfor free with the latest updates from Patch.
The union said, instead of tax increment financing (TIF) money going to developers or big corporations, it should be spent on CPS students. CTU wants the city to end all TIF districts in the city, and send any funds not already dedicated to specific projects back to the various taxing bodies in Chicago, including CPS.
"Our plan to de-TIF the entire city of Chicago by expiring all TIFs and sweeping fund balances would generate well over $1 billion in surplus immediately, ensuring that our schools are stabilized instead of facing down cuts," said CTU director of research Pavlyn Jankov.
