New Ordinances to Support Chicago's CRE Projects

The Chicago City Council has approved seven ordinances that aim to increase economic opportunities for communities across the Windy City. The ordinances are enabling the construction of new retail and office building properties, the rehabilitation of industrial properties, and neighborhood revitalization by providing tax incentives that will draw new businesses and make commercial construction affordable.

One new ordinance supports a Class 7b property tax incentive, which will give a tax break to Costco Wholesale Corp. for the proposed 150,000 square-foot warehouse club it plans to construct near the West Side community. A Class 6b incentive will help CCUE Investments, Inc. revive vacant industrial property into productive space for a manufacturer and distributor of soybeans in the community. CCUE will rehabilitate a 24,000 square-foot 12th Ward property on behalf of the Wholesale Bean Corporation.

The ordinances will also facilitate public transit improvements and benefit Chicago's arts community.