Property Tax Incentive Proposed for Renovation of Former New City Bank

May 22, 2024

Department of Planning and Development    312.744.9267

Diaz Group LLC’s recent $512,000 renovation of a former New City bank into company offices would receive a Class 7a property tax incentive proposed to City Council today by Mayor Brandon Johnson.

The project at 5100 S. Damen Ave. was completed in 2023, providing a headquarters for more than 500 landscape industry employees. The one-story building had been vacant since 2015.

The incentive would reduce taxes on the property by $217,014 over the 12-year term.

The Cook County Class 7a property tax incentive is intended to encourage commercial development in areas in need of revitalization.