The Chicago Board of Education approved an intergovernmental agreement Thursday that promises to give the city up to $175 million to cover a pension payment, but only if the City Council approves taking a massive amount of money out of special taxing districts called TIFs — a move that would result in Chicago Public Schools receiving hundreds of millions in additional revenue.

In the school district’s budget, members already promised that the district would make the pension payment should it get more, from any revenue source, than the $379 million it needed to balance its budget.

If the record TIF sweep proposed by Mayor Brandon Johnson is approved, CPS would get $554 million, which would give the district almost enough to make the full payment.

Acknowledging that they made a commitment

See Full Page