In the tables on this website, the term "CPS Owned" refers to the Chicago Board of Education’s beneficial interest in district property.
Under the Illinois School Code, property generally is held by the City of Chicago in Trust for the Board of Education.
The exception to this form of ownership applies to a set of properties that were the subject of a lease and a series of quit claim deeds transferring interest from the City of Chicago in Trust for the Board to the Public Building Commission as part of a capital improvement program in the 1990s.
As a part of this construction program, the Public Building Commission issued tax-exempt bonds to finance school construction.
The leases called for the payment of rent from the Board to the Public Building Commission in the amount of the debt service on the bonds.
Upon payment of the bond obligations, the properties listed in the leases and quit claim deeds revert to the City of Chicago in Trust for the Chicago Public Schools.
The following documents are available to provide greater detail regarding this set of transactions:
To view some of the documents provided on this page, you need Acrobat Reader. If you do not have this program, click download Adobe Acrobat Reader now and follow the instructions.