Ciere Boatright, Commissioner | Chicago
Ciere Boatright, Commissioner | Chicago
Austin’s Forty Acres Fresh Market has been granted a Cook County Class 7(d) property tax incentive, following approval from the City Council. The incentive is expected to provide approximately $485,000 in savings over a 12-year period.
The grocery store, which opened at the end of September, involved a $13 million investment to transform a former Salvation Army building located at 5713 W. Chicago Ave. In addition to the grocery store, the site includes a 2,050-square-foot branch bank.
The Class 7(d) tax incentive is designed to encourage the operation of grocery stores in neighborhoods that have limited access to fresh produce and other essential foods.
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