Eleven million dollars in Tax Increment Financing (TIF) assistance will be allocated for start-up expenses related to the construction of the new South Loop Elementary School at 16th and Dearborn streets under a plan approved today by City Council.
The funds will reimburse the Board of Education for land acquisition, site demolition, remediation, design, and other costs associated with the proposed school for up to 1,200 elementary students.
“I am proud to have collaboratively worked with residents of the South Loop community, the Mayor and CPS to find ways to accommodate families and children in our burgeoning community,” said Alderman Pat Dowell. “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 new building will help to alleviate overcrowding at the existing South Loop Elementary School at 1212 S. Plymouth Court and accommodate future student population growth in the area. The site was previously occupied by a postal service facility.
The total project cost is estimated at $55 million.
# # #