Tax Incentives Proposed for Health Care Facilities, Restaurant
Three Uptown psychiatric hospital facilities and a Chatham restaurant would receive more than $4 million in tax savings through proposed property tax incentives introduced to City Council today.
- Acadia Healthcare, at 800 W. Gunnison St., 4720 N. Clarendon Ave. and 854 W. Lawrence Ave., would receive a five-year Cook County Class 7(c) property tax incentive for the properties, which it purchased in December 2021 for behavioral healthcare use. The company intends to invest $76 million into their rehabilitation, which is expected to create more than 500 new, full-time jobs. Tax savings are estimated at $4.6 million over the term of the incentive.
- Fatburger, at 825 E. 87th St., would receive a 12-year Class 7(a) property tax incentive for the renovation of a vacant building as a restaurant. The $1.9 million project is expected to create 20 new full-time and 20 part-time jobs. Tax savings are estimated at $167,897 over the term of the incentive.
The Class 7(a) and 7(c) tax incentive programs are administered by Cook County in cooperation with local municipalities to help revitalize vacant and underutilized commercial and industrial properties.