Property Tax Incentive Approved for New West Ridge Auto Dealership
A property tax incentive approved today City Council will support the development of a new car dealership in West Ridge.
The Cook County Class 7c incentive will facilitate construction of a Toyota/Scion dealership at 6040-50 N. Western Ave. by 5657 Broadway LLC. The $25.7 million project will include a 49,000-square-foot building with a showroom, service department and offices and a 22,000-square-foot parking structure for 222 vehicles.
The Class 7c incentive reduces the property tax assessment level on qualified commercial properties to 10 percent for three years, 15 percent in the fourth year and 20 percent in the fifth year. Total tax savings are estimated at $1.5 million. The project will generate an estimated $71.8 million in sales tax revenue over the five-year period.
The company will relocate its operations from Edgewater, transferring 120 existing positions and adding 65 new jobs at the new location.
# # #