Property Tax Incentives Proposed for Northwest, South Side Redevelopment Projects
Property tax incentives proposed to City Council today would enable the redevelopment of vacant properties in New City and Avondale for new business uses that will generate more than 150 permanent and temporary jobs.
A Cook County Class 6(b) incentive proposed for eight acres of vacant land at 1104 W. 43rd St. would enable the Missner Group to construct a speculative, 130,600-square-foot industrial building. The $21 million project would create up to 50 permanent full-time positions and up to 50 temporary construction jobs. The incentive would reduce taxes on the land by approximately $3.15 million over the next 12 years.
A Class 6(b) incentive for a vacant, 15,000-square-foot building at 2419 W. George St. would enable Merz Apothecary to create an e-commerce headquarters that supports the company’s retail operations. The $1.96 million project would create 10 permanent positions and 10 temporary construction jobs. The incentive would reduce taxes on the property by approximately $164,000 over the next 12 years.
Projects that qualify for a Class 6B incentive receive a reduced assessment level that provides an effective tax reduction of 60 percent over the 12-year term of the incentive.