November 9, 2009
Chicago Public Schools has received almost $400 million in Tax Increment Financing revenue from the creation of the first City of Chicago TIF in 1984 through July 2009 and is scheduled to receive over $491.3 million more according to intergovernmental agreements with the City of Chicago. CPS has used TIF funding to renovate or build elementary and high schools and is planning to use $14 million for ADA accessibility improvements to 15 schools.
Approximately 45% of the $399.0 million received so far has been dedicated to the Modern Schools Across Chicago (MSAC) program, while the remaining 55% is the result of individual intergovernmental agreements between the City of Chicago and the school district for 13 different schools. Roughly 69% of the total $890 million of TIF revenue promised to the schools is part of the MSAC program.