Lawmakers Propose Using TIF Cash For Chicago Schools In Wake Of Takeover Plan
(CBS) -- Some area lawmakers are calling on the release of surplus TIF money to be allocated to Chicago Public Schools.
House Majority Leader Barbara Flynn Currie and several other lawmakers are backing the Distressed Schools TIF Surplus Act.
The proposed legislation would take money from TIF accounts that aren't being used.
Currie says they want to use money in the city's TIF accounts that are not already tied to debt service or an active project and plug those funds into CPS.
She says it could amount to $150 to $350 million. CPS currently needs $500 million in pension funding in order to close its $1.1 billion operating deficit.
This proposal comes after Gov. Bruce Rauner proposed having the state take over the financially troubled CPS.
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