DOWNTOWN — Ald. Pat Dowell (3rd) is pulling almost $3.6 million out of TIF districts in her ward to help shore up Chicago Public Schools’ $480 million budget shortfall.
Dowell announced Wednesday she would ask the city to declare surpluses of $1 million from the 35th/State TIF and $2.6 million from the 47th/Halsted TIF, which would send approximately $2.4 million to CPS.
“The CPS budget crisis is having a real and negative effect on schools not only in my community but across the city of Chicago,” Dowell said. “Schools are the heart of our neighborhoods and I will continue to do what I can to ensure our children have the best learning environment possible.”
TIFs cap the property taxes the county, city, CPS and other entities can collect from a specified area for a 23-year period and when money is declared “surplus” it goes back to each entity in the proportion they would have gotten if the TIF didn’t exist.
CPS will get approximately half of the money declared surplus.
“I realize that the surplus funding from TIFs in my ward will not come close to closing the budget gap facing CPS,” Dowell said. “New revenue must come from the state of Illinois and it’s unfair for the state and our governor to hold our schools and our children’s futures hostage to score partisan political points. Our schools deserve their fair share from the State of Illinois and that is the best way to permanently fix CPS’ broken funding formula.”
The city will get 18 percent of the money and Dowell said city officials told her they have agreed to send the city’s portion to CPS as well.
CPS can use the money however it chooses, but Dowell said she is working with CPS to determine how the funds will be used.
A spokesman from CPS was not immediately available to comment.
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