In other news, Senate and House Republican Leaders joined Governor Bruce 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 (SB 2209) that will direct all future property tax receipts from the redevelopment of the James R. Thompson Center (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.
The legislation 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 we 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.