Mayor proposes $11M TIF plan for New South Loop Elementary School
An $11 million Tax Increment Financing (TIF) assistance plan was proposed for New South Loop Elementary School by Mayor Rahm Emanuel.
The mayor introduced the TIF proposal to City Council and noted that funding would cover start-up expenses that will come with the building of the new South Loop Elementary School at 16th and Dearborn streets.
The Board of Education will be compensated through the funds for expenses associated with the school like, design, remediation, site demolition and land acquisition. The proposed school would serve 1,200 students at its maximum capacity.
“I am proud to have collaboratively worked with residents of the South Loop community, the Mayor and [Chicago Public Schools] to find ways to accommodate families and children in our burgeoning community,” 3rd Ward Alderman Pat Dowel saidl. “We look forward to working closely with CPS on a plan to alleviate overcrowding and ensure access to the modern learning space in the South Loop that our students and families deserve.”
The proposed school site used to be a postal service facility and aims to ease overcrowding at South Loop Elementary School at 1212 S. Plymouth Court. The $55 million project will also offer space for growth in the region.