Lightfoot to declare $300 million TIF surplus - largest in Chicago history

Mayor Lori Lightfoot's 2020 budget includes a $300 million tax increment financing surplus - the largest in Chicago history - just to help bankroll the $500 million offer the striking Chicago Teachers Union has already rejected, a top mayoral aide said Wednesday.

By closing out five TIFs and scouring all of the others, Lightfoot has managed to generate $163 million for Chicago Public Schools. That's $66 million more than the school system received last year.

The city will get $31 million of that money to help defray its $838 million budget gap.

A top mayoral aide acknowledged the TIF surplus is the largest in Chicago history. It's $125 million more than last year.

But the aide stressed the windfall for CPS is enough to cover only the five-year, $500 million mayoral offer that CTU already has rejected. That offer includes a 16% pay raise over five years and increases in school support staff.

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