A proposed ordinance would revoke city tax breaks for corporate "bad actors," a measure introduced in response to fallout over the botched Crawford Coal Plant implosion in April that left homes in Little Village coated in dust.
Ald. Mike Rodriguez, whose ward includes the plant slated to transform into a distribution center from Hilco Redevelopment Partners, has introduced a framework to revoke city-endorsed tax breaks if companies fail to meet certain requirements.
If the council follows through on the idea, it might be unprecedented—the Cook County assessor’s office, which grants such incentives, said it is not aware of a tax break being rescinded or clawed back by a municipality that endorsed it.
The City Council voted to support a 12-year, $19.7 million break for the Hilco redevelopment in March 2019. Environmental activists in the neighborhood now want to see it revoked.
Aside from failing to meet environmental requirements, Rodriguez wants properties to be eligible to lose their tax breaks if they’re delinquent in paying their property taxes, report inaccurate information in economic disclosures, fail to maintain or invest in the project to meet redevelopment objectives, or fall short of commitments to disadvantaged-business hiring or subcontracting for women, minorities, the disabled or veterans.
To fully revoke tax breaks, the City Council's Economic Development Committee would have to pass a resolution and forward it on to the Cook County Board for approval.
Mayor Lori Lightfoot also introduced an ordinance that continues the city moratorium on explosions and mandates the Buildings, Business Affairs, Fire, Public Health, Transportation, Water Management, and Emergency Management departments propose their own rules regulating the use of explosives in building demolition.
As part of the proposed changes by the mayor, developers would have to submit a comprehensive plan if they do want to use explosives, provide written notice to all buildings within 1,000 feet of the property line about the upcoming explosion, and host a public meeting held within a month of filing their application.
The proposals from Rodriguez and the mayor now head to committee.
"bad" - Google News
June 18, 2020 at 01:57AM
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Chicago could yank tax breaks from bad corporate actors under proposed ordinance - Crain's Chicago Business
"bad" - Google News
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