Share to Facebook Share to Twitter Bookmark and Share
Record #: O2016-5666   
Type: Ordinance Status: Introduced
Intro date: 7/20/2016 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Creation of Public School Revitalization Grant for distribution of tax increment financing (TIF) Surplus Funds to financially distressed school districts
Sponsors: Cardenas, George A., Sadlowski Garza, Susan, Napolitano, Anthony V., Maldonado, Roberto, Sawyer, Roderick T., Foulkes, Toni, Waguespack, Scott, Pawar, Ameya, Cappleman, James, O'Shea, Matthew J., Brookins, Jr., Howard, Mitts, Emma, Sposato, Nicholas, Munoz, Ricardo, Villegas, Gilbert, Mell, Deborah, Taliaferro, Chris, Dowell, Pat, Ervin, Jason C., Ramirez-Rosa, Carlos, King, Sophia D., Scott, Jr. Michael, Lopez, Raymond A., Arena, John, Silverstein, Debra L., Quinn, Marty, Curtis, Derrick G., Osterman, Harry, Smith, Michele, Tunney, Thomas, Reilly, Brendan, Moreno, Proco Joe, Reboyras, Ariel, Hopkins, Brian , Burnett, Jr., Walter, Solis, Daniel, Zalewski, Michael R., Moore, David H.
Attachments: 1. O2016-5666.pdf
Committee(s) Assignment: Committee on Finance

Chicago Public Education Revitalization Ordinance

Whereas, Tax increment financing (TIF) is a tool intended by Illinois state law to encourage economic development by providing public support to en­courage investment in targeted areas that meet certain conditions of blight, decay or underperformance; and
Whereas, the Chicago Public Schools administration have imposed deep and unsustainable cuts in many neighborhood elementary school and high schools in consecutive past years; and
Whereas, the City of Chicago's neighborhoods are waiting for improve­ments to basic infrastructure after years waiting through the economic re­cession; and
Whereas, in light of the current economic circumstances, a short-term infu­sion of funds back into the schools and neighborhoods will offset drastic cuts, helping achieve the ultimate goal of supporting strong schools and our neighborhoods; and
Whereas, Cook County Clerk David Orr has released the 2016 TIF projec­tions which shows that Chicago will collect at least $461 million in TIF rev­enue for the 2016 tax year which is an increase in Chicago's 2016 TIF re­venue of almost $89,000,000 over the prior year; and
Whereas, this surplus includes moneys not required, pledged, earmarked, or otherwise designated for payment and securing of the obligations and anticipated redevelopment project costs; and
Definitions:
(A) "Financially Distressed School District" means a public school district, which is experiencing one or more of the following:
(1) A bond rating below investment grade has been assigned
" to one of the most recent five bond issues or a credit review
by a major rating agency has indicated that a future bond issue would be rated below investment grade.
(2) Total operating expenses exceeded total operating rev
enues by 5% or more in the school district's General Operating
Fund in its most recently completed fiscal year, as reported in

the Comprehensive Annual Financial Report. (3) T...

Click here for full text