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CPS recommends sales of three vacant school sites and seeks $1.8B bond authorization
Summary
Capital staff recommended accepting redevelopment bids/offers for three vacant school sites (1241 W. 58th St., 1326 S. Avers Ave., 200 E. 99th St.) with deed restrictions; finance staff presented a resolution authorizing up to $1.8 billion in general obligation alternate bonds to fund capital plans.
Capital and real‑estate staff asked the board to accept bids or offers for three long‑vacant school sites and outlined redevelopment proposals, while district finance staff requested authorization to issue general obligation alternate bonds for future capital needs.
Steven Stultz, director of real estate, recommended the board accept an offer of $75,000 from Bontemps Apartments LLC for the former Bontemps Elementary site at 1241 W. 58th St., with a proposed demolition and construction of a 72‑unit affordable multifamily development and a later phase adding 60 senior units; the bidder presented plans at a community meeting and received local support. For the Matthew A. Henson site (1326 S. Avers Ave.), the board was recommended to accept an offer from MKB Business Strategies (offer $25,000) after community meetings favored MKB’s proposal for single‑family and two‑/three‑flat homes. For the former Shedd Elementary School (200 E. 99th St.), Peace for Preston Foundation submitted a bid of $25,000 to create a community center and workforce and youth programming; the bidder received local letters of support.
Stultz explained each sale would include deed restrictions preventing K–12 charter use and alcohol/tobacco retail on site; the statute requires sealed bids for sites valued at more than $25,000 and that a two‑thirds board vote approve a sale. Board members pressed staff about outreach to aldermen and community groups; staff said outreach was completed for most wards but conceded one aldermanship was not notified of the exact bid posting date and that additional community meetings are scheduled for other sites.
Wally Stock, acting CFO, presented a separate item asking the board to authorize general obligation alternate bonds in an amount not to exceed $1.8 billion (authorization remains in place up to three years). He explained subsequent steps required before a bond sale (public hearing, publication and a 30‑day petition period) and noted the district has recently completed large bond sales in the prior fall.
Board members raised concerns about transparency in outreach for vacant site processes, the costs to maintain vacant properties (estimated $75,000 to $150,000 annually per building depending on size), and the need for careful community needs assessments to ensure redevelopment serves neighborhood residents.
