Property tax incentive valued at $101,000 proposed for Cook County
A property tax incentive to help growth in Belmon Cragin was recently proposed to the city council by Mayor Rahm Emanuel.
The proposal was for a Class 6(b) incentive, which would allow for the purchase and repair of a 3,800-square-foot industrial building. The job would be completed by Quality Armatures Inc. and is valued at $277,000.
The building will be located at 5255 W. Grand Ave.; it will likely expand into a nearby building.
Cook County Class 6(b) incentive, of which this project would be a part, is aimed at reducing property taxes and therefore fostering an environment in which industrial renovations can take place.
The property would be used for the creation and repair of various motor parts, and would help to generate 11 new jobs, as well as retain nine current positions.
Estimated tax savings are $101,000 over a 12-year period.