Property tax incentive proposed for South Side redevelopment project

0
331
Courtesy of Google Maps

A property tax incentive proposed to City Council by Mayor Lori 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.

(adsbygoogle = window.adsbygoogle || []).push({});

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-sq.-ft. 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.