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Approval of Class 8 MICRO Property Tax Incentive for Former U.S. Steel Mill Site in 7th and 10th Wards

  • When: 2024/10/30
  • City: Chicago
  • State: IL
  • Category: Economic Development Incentives

The Chicago City Council approved a Class 8 MICRO property tax incentive for the former U.S. Steel mill located in the 7th and 10th Wards. This tax incentive, sponsored by Mayor Brandon Johnson, includes an amendment to Municipal Code Chapters 2-8 and 2-45, allowing for waivers of various fees associated with Class 8 MICRO projects. The incentive aims to stimulate redevelopment and economic revitalization of the site, encouraging industrial and commercial use.

Why it Matters

This decision supports the redevelopment of a large industrial site, fostering economic growth and job creation within Chicago’s 7th and 10th Wards. The Class 8 MICRO tax incentive and fee waivers make the site more attractive to developers, aligning with the city's goals of sustainable economic development.

Source

Allowed Uses: The Class 8 MICRO incentive allows the site to be used for industrial redevelopment, including manufacturing, warehousing, and commercial activities. The incentive encourages job creation and economic revitalization, with reduced assessment levels and fee waivers, as specified in amended Chapters 2-8 and 2-45 of the Municipal Code.