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Board ratifies IGA with City tied to TIF surplus, authorizes contingent pension payment
Summary
The Chicago Board of Education ratified an intergovernmental agreement with the City contingent on 2025 TIF surplus levels; the agreement authorizes up to $175 million for the Municipal Employees Annuity and Benefit Fund if CPS receives TIF surplus over $379 million. Vote: 20–0.
The Chicago Board of Education on Oct. 30 ratified an intergovernmental agreement (EX2) with the City of Chicago that authorizes a contingent payment not to exceed $175,000,000 to the Municipal Employees Annuity and Benefit Fund if the board receives a 2025 TIF surplus exceeding $379,000,000 during calendar year 2026. The item was posted as draft and required a roll‑call vote; the board adopted the IGA unanimously (20 ayes, 0…
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