Tax Incentives Would Support Three West and South Side Business Projects
A trio of property tax incentives introduced to City Council today by Mayor Lori E. Lightfoot would reduce the tax rates on three properties being proposed for private redevelopment in Humboldt Park, Chatham and New City.
- A Class 7(a) property tax incentive would reduce the tax rates on a 6,100-square-foot commercial property at 4401 W. Division St. in Humboldt Park, which is planned to be redeveloped by C. Cogswell LLC as an auto body shop. The $286,000 project is expected to create 20 full-time and temporary positions on the site, 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 would reduce the tax rates on a 19,550-square-foot commercial building at 834-40 W. 87th St in Chatham. Currently vacant, the property is planned to be rehabilitated by Dreams Realty and Design Inc. 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 would 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 6(b) and 7(a) tax incentive programs are administered by Cook County in cooperation with local municipalities to help revitalize vacant and underutilized commercial and industrial properties.