City Council approves tax incentive for Lake View redevelopment

Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | LinkedIn

By Chicago City Wire

Oct 30, 2024

HSG Belmont Clark LLC has been granted a Cook County Class C property tax incentive for its new commercial development in Lake View. This approval was confirmed by the City Council today.

The development, valued at $29.9 million, is located at 3179 N. Clark St., where it replaced a former parking lot and bank. The project involved significant environmental cleanup efforts.

The approved tax incentive will decrease the property's taxes by approximately $2.9 million over a 12-year period. The Class C property tax incentive aims to encourage investment in properties with considerable environmental contamination.

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City of Chicago Department of Planning and Development

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