Ordinance O2024-0007878
Passed
Non-Routine
Ward Matters
Economic Development
Tax Incentives
Support of Class L Tax incentive for property at 1565-1589 N Milwaukee Ave
Auto-generated summary
Chicago Mayor Brandon Johnson has proposed tax incentives for the preservation and rehabilitation of historic buildings to the City Council. The Cook County Tax Incentive Ordinance, which includes the Class L property tax classification, aims to enhance real estate and economic well-being. The owners of a historic building on North Milwaukee Avenue have proposed a project to preserve the building and increase employment opportunities, with the aim of contributing to the tax base. The project, expected to be completed by 2025, may involve federal historic rehabilitation tax credits. The city supports the Class L incentive, subject to the completion of proposed work and meeting specific criteria. Any changes in ownership may nullify city support, and no permit fee waivers will be granted during the project's rehabilitation. The project's total costs amount to $24,122,159, with sustainability features integrated into various aspects. The Commission on Chicago Landmarks has recommended approval for the Class L Real Estate Tax Reduction for the project.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |