But a vote late Tuesday will keep ChiArts as is at least for now.
Inside Chicago High School for the Arts, students get three hours of intense arts training a day in their discipline.
On Tuesday, seniors were keeping up with teacher Tracey Franklin for a Horton 4 modern dance class.
There were also some ChiArts students and staff before the Chicago Public Schools Board.
"All the people who believed in me, mentored me, it's because of this school I'm able to pursue my dream confidently," student Samantha Gonzales said.
"Where will the young artists of Chicago go regardless of their economic status, immigration status or background, if not for ChiArts?" alumnus and theater teacher Christian Helem said.
"Let it be the have I've experienced it to be. Let it become the institution I know it can because art is an eternal flame," student Maya Davis said.
The ChiArts Board reports expenses have not kept up with funding, and it can no longer operate as a "contract school," meaning the school could close unless CPS stepped in to maintain the arts conservatory model.
Ultimately Board members voted to unanimously to make ChiArts a CPS-managed performing arts school.
Board members gave support for the school and they alluded to challenges ahead to fund ChiArts in its current form.
"We want to keep the conservatory, but we need to do more community engagement. That's what we heard," CPS Board member Carlos Rivas said.
"We are here for you, and we looked really hard and didn't see any flim flam going in underneath. And we'll get you sorted out; stay tuned for more community events," Board member Michilla Blaise said.
"Thank you so much ChiArts community for coming together and being so persistent that you are saved. You are done with us; now we need to to help us find partners," Board member Ebony DeBerry said.
While the funding for ChiArts as it is has not been ironed out, the public performing arts school will continue.
There are already 300 applications for the school next year.
The CPS board also talked about funding for Epic Academy.
The $1.4 million spending proposal would allow the academy to finish out the school year.
Epic is scheduled to close next summer.