Senate and House Republican Leaders joined Gov. Rauner in renewing support for the sale of the James R. Thompson Center (JRTC) in Chicago by offering a unique plan to help fund financially-strapped Chicago Public Schools (CPS).
Senate Minority Leader Christine Radogno (R-Lemont) and House Minority Leader Jim Durkin (R-Western Springs) filed legislation (Senate Bill 2209) that will direct all future property tax receipts from the redevelopment of the JRTC to CPS.
“This is a win-win, which will provide savings for the taxpayers of Illinois, while at the same time providing a much-needed economic boost to the City of Chicago,” Leader Radogno said.
Senate Bill 2209 would provide CPS with a stable source of additional revenue for years to come, and would let Illinois off the hook for hundreds of millions of dollars in repairs and maintenance costs on a dilapidated building the state can no longer afford.
The JRTC currently occupies an entire city block in Chicago’s Loop. By selling the building, Illinois taxpayers could earn hundreds of millions in a sale and Chicago could generate up to $45 million annually in property taxes.