Tax Incentives Will Support Three West and South Side Business Projects
Four Cook County tax incentives approved by City Council today will reduce the tax rates on properties being proposed for private redevelopment in Uptown, Humboldt Park, Chatham, and New City.
- A Class 7(a) property incentive for Double Down Development’s planned Double Door nightclub in Uptown will help convert a former vaudeville house at 1050 W. Wilson Ave. into a live music venue. Planned for the former Wilson Avenue Theater building, the $1.7 million project would rehabilitate the 112-year-old structure as a 700-person music hall that creates up to 60 permanent and temporary jobs. Part of the Uptown Square Chicago Landmark District, the building was converted to a bank in 1919. The Class 7(a) incentive would reduce taxes on the property by approximately $564,000 over the next 12 years.
- A Class 7(a) property tax incentive will reduce the tax rates on a 6,100- square-foot commercial property at 4401 W. Division St. in Humboldt Park. C. Cogswell LLC plans to redevelop the site as an auto body shop. The $286,000 project is expected to create 20 full-time and temporary positions on the property, which has been vacant since 2015. Tax savings over the 12- year period are estimated at $113,000.
- A Class 7(a) property tax incentive will reduce the tax rates on a 19,550- square-foot commercial building at 834-40 W. 87th St in Chatham. Dreams Realty and Design Inc. Plans to rehabilitate the now-vacant property as office space with a first-floor coffee shop that together will employ 50 full-time workers. Tax savings over the 12-year incentive period are estimated at approximately $590,000. More than $500,000 in past due taxes from a previous owner will be paid in advance of the incentive being finalized.
- A Class 6(b) property tax renewal will provide 12 additional years of reduced tax rates for a 104,000-square-foot industrial building at 815 W. Pershing Road in the Stockyards Industrial Corridor. Completed in 2010 and currently owned by GFP Alliance Chicago LLC, the building is undergoing a $21.7 million expansion project that will retain 126 full-time jobs and generate an additional 35 new positions. Tenants include the U.S. Drug Enforcement Agency, Maestro Food Company, Goodman Distribution, and Nature’s Fynd. Property tax savings over the 12-year term of the incentive are estimated at $1.9 million.
The Class 7(a) and 6(b) tax incentive programs are administered by Cook County in cooperation with local municipalities to help revitalize vacant and underutilized commercial and industrial properties.