Property Tax Incentive Proposed for South Side Renovation Project
A property tax incentive introduced to City Council today by Mayor Lori E. Lightfoot would enable a building renovation project in Roseland.
The $889,205 Hickman and Harrison Group project at 517 W. 111th St. would use a Class 7(a) inventive to renovate a 3,500-square-foot building as modern offices. Property tax savings are estimated at $129,086 over the 12-year term.
The 7(a) tax incentive program is administered by Cook County in cooperation with local municipalities to help revitalize vacant and underutilized commercial and industrial properties.