District officials say they hope the move will ultimately save the district $60 million over 15 years. It follows drastic school budget cuts this school year, partly to address a $1 billion budget deficit, and the closing of nearly four dozen schools last summer.



Absent pension reform, the district has again projected a $1 billion budget deficit for the coming year. But officials say the move is largely driven by the need to consolidate. Just like underutilization drove the closing of 47 elementary schools this year, they say with layoffs over the last few years only half the Clark Street building is currently occupied. If the lease is signed, they hope to put up for sale the current location in January.



The 125 S. Clark St. location was purchased by CPS from ComEd in 1998 for $8.3 million, officials said. If CPS continues to remain in the building, it will cost the district $90 million over 15 years, rather than the $34.5 million during the same time frame for the lease at 1 N. Dearborn.



School officials have been talking for some time about the need to move downtown operations to be more cost-effective. Last spring, CPS began looking for a real estate firm to help sell the central office building. Officials also began looking for new locations in the West Loop and Downtown.



The new location also would hold 250 people in its board chamber — about twice the number of the district's current headquarters, officials said.



nahmed@tribune.com



