Recent debate over how Chicago Public Schools should pay for it's pension debt and a new teachers contract has centered around the use of TIFs, or tax increment financing.
Experts spoke to ABC7 Thursday to explain TIF funds, or tax increment financing, amid the city and Chicago Public Schools budget crisis.Recent debate over how Chicago Public Schools should pay for it's pension debt and a new teachers contract has centered around the use of TIFs, or tax increment financing.Across Chicago, there are 124 TIF districts that are used to primarily spur development, like what can be seen in places like Fulton Market.
"That money does not go to the schools, does not go to the parks, etcetera. It's captured by the TIF district in a sort of a slush fund," said Tom Tresser with the TIF Illumination Project.TIF surplus money was used a number of years ago to help building Westinghouse College Prep on the city's West Side, as well as other projects like a playground at Jensen Elementary. They are the kind of expenses those funds were intended for.
As CPS is considering how to pay for a new teachers contract and $175 million in pension payments, CEO Pedro Martinez and the Chicago Teachers Union have separately advocated for using TIF funds, but Mayor Brandon Johnson favors taking out a high interest loan."Reality is that you generally will borrow in anticipation of a new revenue source coming in," Ervin said. "And the reality is that the state is behind in its own formula with us.
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