Chicago City Wire

A new property tax rebate program has been introduced to the City Council by Mayor Brandon Johnson. The initiative aims to support the Illinois Quantum and Microelectronics Park (IQMP) in South Chicago. The Cook County Class 8 MICRO incentive will designate approximately 480 acres of the former U.S. Steel site at 8080 S. DuSable Lake Shore Dr. as eligible for reduced tax rates, specifically lowering them from 25 percent to 10 percent over a span of 30 years.

This program was established by Cook County in September to align with the State of Illinois’ Manufacturing Illinois Chips for Real Opportunity (MICRO) Act, which provides significant tax reductions for research and development companies and manufacturers involved with semiconductors, microchips, and quantum computers.

The IQMP is envisioned as a multi-billion-dollar global center focused on quantum-enabled research and technology. Its initial phase is being developed by Related Midwest alongside computing company PsiQuantum, which will serve as an anchor tenant with a planned 300,000-square-foot operations center. This phase is projected to generate more than $125 million in new property taxes, even when accounting for the rebate, compared to current levels.

Located on lakefront land north of the Calumet River, the site previously served steel production purposes from 1880 until its closure in 1992 and remains vacant today.

The Class 8 MICRO incentive joins existing Cook County property tax programs such as Class 6, 7, 8, and L that aim to revitalize underutilized industrial and commercial properties within the city. However, unlike other county tax incentives, this particular program will not be eligible for renewal.