Ordinance O2024-0013091
Passed
Support of Class 8 MICRO property tax incentive for former U.S. Steel mill located in 7th and 10th Wards and amendment of Municipal Code Chapters 2-8 and 2-45 to waive various fees for Class 8 MICRO projects
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The City of Chicago is seeking to provide financial incentives to tech manufacturers through the MICRO Act, which includes tax incentives for industrial development. The Cook County Board of Commissioners has enacted a Real Property Assessment Classification Ordinance to facilitate this. The City is currently focusing on an area that has been economically depressed due to the closure of the U.S. Steel South Works site in 1992. The area is eligible for a Class 8 MICRO Classification, which would help in its revitalization. The Commissioner of Planning and Development is authorized to certify and submit documentation for these efforts. The ordinance also provides for fee waivers for specific projects and permits. The South Chicago area, which has faced economic decline, property abandonment, and high unemployment since the closure of U.S. Steel, is being considered for redevelopment under this scheme.
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History
Legislation text
Additional Documents
- O2024-0013091 ECTD Rule 44 Letters.pdf
- O2024-0013091 Exhibit 1 - IQMP Class 8 MICRO Designation Report.pdf
- O2024-0013091 Exhibit 2 - Property Description.pdf
- O2024-0013091 Transmittal Letter.pdf