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Chicago Board Ratifies IGA with City Tied to TIF Surplus; $175M Payment Contingent
Summary
The Chicago Board of Education unanimously approved an intergovernmental agreement with the City that would authorize up to $175 million to the Municipal Employees Annuity and Benefit Fund if the city’s 2026 TIF surplus exceeds $379 million, while some board members expressed concern about returning district funds to the city.
Chicago’s Board of Education on Oct. 30 unanimously ratified an intergovernmental agreement (IGA) with the City of Chicago that conditions a payment of up to $175 million to the Municipal Employees Annuity and Benefit Fund on the city reporting a 2026 TIF surplus above $379 million.
Board members framed the vote as honoring commitments made when the district adopted its 2025–26 budget and as part of a broader partnership with the mayor’s office. “This agreement codifies that we will provide additional funding that we receive over the $379,000,000 back to the city of Chicago if the city council approves the $1,000,000,000 in TIF surplus,”…
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