Overview
- In a unanimous vote, the Chicago Board of Education approved an intergovernmental agreement to reimburse up to $175 million for FY2026, effective through Dec. 31, 2026, contingent on CPS receiving the proposed TIF funds.
- Mayor Brandon Johnson’s budget seeks a TIF surplus exceeding $1 billion, with roughly $552 million to $554 million for CPS, covering the $379 million already in the district’s budget and most of the pension transfer, with the Tribune estimating a gap of about $10 million.
- CPS expects to make the reimbursement in two installments after the money arrives, and the agreement allows the district to subtract the $8 million federal magnet grant it lost if that funding is not restored.
- Board members voiced concern that using one-time TIF dollars could divert money from school services and urged a longer-term plan for municipal pension costs.
- The board also postponed a decision on $1.4 million to wind down EPIC Academy and deferred related closure action to a special meeting next week.