Property Tax Incentive Proposed for South Side Redevelopment Project
A property tax incentive proposed to City Council today by Mayor Lori E. Lightfoot would enable the redevelopment of a vacant parcel in the New City community area that will generate between 80 and 125 permanent and temporary jobs.
The Cook County Class 6(b) incentive is proposed for an 8.2-acre site located at 3900 S. Normal Ave in the Stockyards Industrial Corridor. Developer 3900 S. Normal TMG, LLC proposed to construct a 170,000-square-foot speculative industrial building on the site.
The $26.8 million project will create up to 75 permanent jobs depending on the tenant that is selected. The incentive would reduce taxes on the land by approximately $5.3 million over the next 12 years.
Projects that qualify for a Class 6(b) incentive receive a reduced assessment level that provides an effective tax reduction of 60 percent over the 12-year term of the incentive.