Chicago City Council

City Council Approves New Tax Incentives For Commercial Developments

The Chicago City Council has approved tax incentives for four redevelopment projects across the city including Uptown, Humboldt Park, Chatham, and New City. All but one of the developments are new with the other being an extension of an existing credit, the incentive is as follows; commercial developments will be taxed at 10 percent for the first 10 years, 15 percent for the 11th year, and 20 percent for the 12th year before rising to the standard 25 percent thereafter. The two classes in this round of approvals are 6(b) due to new construction and 7(a) for redevelopment under $2 million.

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City Council Approves Landmark Designation Of Muddy Waters House

The Chicago City Council has approved landmark designation of the Muddy Waters House at 4339 S Lake Park Avenue in North Kenwood. The brick-cladded two-flat was built in 1891 near the lake, and eventually became the home of McKinley Morganfield, aka Muddy Waters, between 1965 to 1973. As YIMBY previously reported, the home fulfilled various categories needed for the designation and has now cleared the final hurdle to win landmark recognition.

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741 N Wells Street. Rendering by Antunovich Associates

Plan Commission Approves Mixed-Use Development at 741 N Wells Street in River North

The Chicago Plan Commission has approved a mixed-use development at 741 N Wells Street in River North. Fronting N Wells Street, the project site is bound by W Chicago Avenue to the north, a public alley and parking lot to the east, and a small parking lot to the south. The property currently consists of a historic masonry structure at 755 N Wells Street that will be retained, a one-story retail structure, and a three-story masonry structure. Vista Property Group is the developer behind the proposal.

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