A new property tax incentive ordinance was approved by the Cook County Board of Commissioners (Chicago, IL). The revised ordinance works in partnership with the recently passed Workforce Ordinance. Officials say the new law will help spur economic development and improve the county's business climate.
"This ordinance is a result of a major effort by municipalities, businesses, and property owners throughout the county to reactivate vacant property," said Cook County President Toni Preckwinkle. "It is designed to stimulate job growth and ensure that those who receive the incentives comply with their commitments."
The Cook County Business and Development Committee's Revised Amendment to File 17-0293 requires companies that receive a tax incentive to pay their employees an acceptable living wage. This requirement must be included in any lease or sub-lease of the property through July 1, 2020.
The ordinance facilitates faster processing for tax incentive applications in Industrial Growth Zones identified by the Cook County Board, including:
Cal-Sag Enterprise Zone
Calumet Enterprise Zone
Will-Cook Enterprise Zone
Lincoln and 394 Corridor Enterprise Zone
Also included are industrial areas identified by the City of Chicago: the Burnside Industrial Corridor, Greater Southwest Industrial Corridor, Northwest Industrial Corridor, and Roosevelt-Cicero Industrial Corridor.
The ordinance requires applicants to submit an Economic Disclosure Statement to their municipality and makes recipients more accountable for upholding their end of the agreement. It creates avenues for revoking tax incentives for businesses that do not comply. This ordinance amendment shall be in effect as of May 1, 2017.