The Chicago City Council approved a Class C tax incentive for properties at multiple addresses on W Belmont Ave, N Clark St, and N Halsted St. Sponsored by Mayor Brandon Johnson, this tax incentive is designed to promote redevelopment and investment in these commercial properties. The Class C incentive reduces property tax rates, thereby encouraging revitalization in the area.
This tax incentive supports the revitalization of commercial spaces, contributing to economic development and community vibrancy. By lowering property tax rates, the incentive encourages investment and development in Chicago’s commercial corridors.