Tax increment financing (TIF) has become a central component of the Chicago Public Schools budget debate this summer. Last week, WBEZ reported that the Chicago Teachers Union was pushing aldermen to support an ordinance that would allow some TIF money to be returned to the school district. Because there are several ways in which TIF money could be sent back to CPS headquarters, we asked CTU for a bit more clarification about the approach they prefer. Here's what they told us over the weekend:
The CTU's preferred approach to TIFs are returning the $1.2 billion TIF surplus as a short-term option that would give Chicago Public Schools and all public services a much-needed shot in the arm. For a long-term fix, TIFs should only exist in truly blighted areas and the monies held and spent as a trust by local community members and officials.
On Tuesday at Lane Tech High School, CPS will hold its first of three public budget hearings. The meeting begins at 6 p.m.