Three applications for property tax incentives for industrial properties in the 12th, 27th and 35th Wards are up for consideration today by the Council’s Committee on Economic, Capital and Technology Development.
The Class 6(b) incentive gives companies a discount on their property tax bill over a 12-year period in return for a commitment to rehab and relocate to an existing, often dilapidated, vacant industrial property. The program is managed by Cook County Assessor Joe Berrios, and could soon be amended to include language allowing the Board, local municipalities, or Berrios to revoke tax breaks if companies fail to complete planned rehabs, upgrades, or job creation promises. Cook County Comm. Jesus “Chuy” Garcia is leading the effort, and the ordinance could be taken up later this month.