The City Council has approved support for a Class 7(a) tax incentive for the property located at 5100 S Damen Ave. This incentive is designed to promote commercial redevelopment by offering reduced property taxes, fostering job creation and revitalizing the property to stimulate economic growth in the area.
The Class 7(a) tax incentive is crucial in encouraging commercial redevelopment and revitalization in underdeveloped areas. It supports Chicago's broader economic development strategy, aimed at promoting investment, job creation, and sustainable growth.