January 23, 2019

Property Tax Incentive Will Support New Bank Branch in Bridgeport


A property tax incentive approved by City Council today will support the development of a new, two-story Lakeside Bank branch on a half-acre of vacant land in Bridgeport.

The Class 7(b) incentive will help facilitate the construction of a $6.3 million facility at 3837 S. Halsted St. that will offer teller and drive-thru services and include on-site parking. Up to eight full-time and two part-time jobs are anticipated to be created by the project. Total tax savings over the incentive period are estimated at $1.7 million. Lakeside bank operates six branches in Chicago and one in suburban Elmhurst.

The Cook County Class 7(b) tax incentive lowers property taxes for 12 years on qualified commercial development projects.

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