Aldermen float, sink schools tax-increment financing

Twelfth Ward Ald. George Cardenas recently met with staff of the mayor's office and the Chicago Teachers Union to discuss how the city's tax-increment financing (TIF) surplus can satisfy the union's demand for new schools revenue—and forestall a threatened October strike.

Cardenas has cosponsored an ordinance that would codify the annual granting of TIF surplus to Chicago Public Schools. Cardenas's proposed ordinance, which was debated and tabled in a September city council finance committee meeting, is one subject of this week's audio interview by Dave Glowacz with the Chicago Reader's Ben Joravsky.

Dave and Ben also discuss why Ald. Pawar flaunted a TIF surplus alternative, then took it underground; why the Board of Education doesn't care that TIF diverts property taxes from education; and how the city applies TIF surplus to the schools budget. Length 6.7 minutes standard, 31.5 minutes premium.

Music: "Caxangá" by Lá Eles

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Article: "Fantasy flick" (Chicago Reader)

Document: Proposed ordinance O2016-5666, "Creation of Public School Revitalization Grant for distribution of TIF surplus funds to financially distressed school districts," cosponsored by Ald. George Cardenas and Ald. Susan Sadlowski Garza

Video: "CPS: Success Starts Here"