The Chicago City Council recently approved a property tax incentive that will support a commercial redevelopment project on the city’s Near North side.
The Kingsbury Center, located at 1415 N. Kingsbury St., will utilize the new Class C property tax incentive to support the cleanup of a contaminated industrial site. The clean-up work, involving the removal of underground storage tanks that had contaminated the property in the mid-1900s, was completed two years ago at a cost of $780,000.
The storage tanks were removed and Kingsbury Center SPE LLC was able to build a 60,000-square-foot, $20 million retail plaza on the site in 2012.
The Class C incentive was created to encourage the cleanup of contaminated industrial, commercial or vacant sites by lowering the assessment rate for 12 years. Total tax savings throughout the period is estimated at $2.9 million. The plaza is currently occupied by four stores and employs 200 people.