August 1, 2012
Chicago Public Schools (CPS) today posted a Request for Proposals (RFP) seeking brokers who will work with the District to sell 23 surplus properties and generate $15 million in new revenue. These properties are located throughout the city and include vacant schools, parking lots, land and office buildings.
In confronting its current financial crisis, CPS officials are looking at all potential revenue sources to offset the deficit, including the District’s unused assets. CPS has worked to close a $665 million deficit in Fiscal Year 2013 while protecting investments that support student learning such as the Full School Day, early childhood development, and high quality school options.
“We need to use every tool at our disposal to identify new revenue so we can invest every dollar possible in our kids and their learning,” said CPS CEO Jean-Claude Brizard. “These vacant and unused properties will not only help generate new revenue needed for our schools, but will help bring new jobs and development opportunities to communities throughout the city.”
CPS posted the RFP today on the CPS Office of Procurement website. Interested brokers can access it by clicking here. The District has created four property portfolios of approximately equal value for which interested brokers can submit proposals. All broker proposals are due in 30 days. CPS will evaluate brokers who respond to the RFP on their proposed brokerage fees, qualifications, experience and references.
The surplus properties include eight unused school buildings, two former CPS school buildings and a CPS-owned office building under lease, and 12 other vacant lots and land.
CPS expects to bring broker contracts to the Chicago Board of Education for approval in September. Brokers interested in seeing the properties can view those with former school buildings during walk-throughs scheduled the week of Aug. 13-17. Those properties that do not have buildings on them may be inspected by interested brokers at any time.
Chicago Public Schools serves 404,000 students in 675 schools. It is the nation’s third-largest school district.