Committee Approves $55M Tax Break for United Center's 1901 Project as some Voice Concerns
The 12-year abatement is tied to an initial $500 million phase that would add housing, a music hall and green space.
- On Monday, the Chicago City Council's Economic Committee unanimously advanced a $54.7 million tax break for the $7 billion 1901 Project, a plan by owners of the Bulls and Blackhawks to redevelop parking lots around the United Center.
- Developers say the 12-year tax abatement is essential to secure 80% of private financing for the first phase, aiming to bridge the economic divide between the West Side and the developed West Loop and Fulton Market.
- The $500 million initial phase includes a 6,000-seat music hall, a boutique hotel, and nearly 10 acres of green space; city planners estimate the project will generate a net increase of $46.3 million in tax revenue.
- Committee chair Ald. Derrick Curtis demanded answers on Latino contracting before advancing the measure, and Ald. Nicole Lee questioned developers about diversity during the hearing.
- The incentive faces a final City Council vote on May 20, though developers' representatives did not rule out returning to request additional tax reductions as future project phases proceed.
11 Articles
11 Articles
City Council committee advances $54.7M tax break asked for by developers of 1901 Project around United Center
Alders advanced a $54.7 million tax break out of committee Monday asked for by the developers of a $7 billion plan to reshape 55 acres around the United Center with housing, retail, entertainment space and a public plaza.
Aldermen advance $55 million tax break for United Center development – Chicago Tribune/Yahoo
After several Latino aldermen questioned developers about how Latino contracting firms would be involved in construction, Ald. Nicole Lee, one of two Asian aldermen, reminded them that “we live in a very diverse city.”
Chicago Sun Times
Usa newsCity Council panel backs tax incentives for United Center entertainment district
Chicago taxpayers should help bankroll development of a “cultural and entertainment district” around the West Side’s United Center, a key city panel said Monday.The City Council’s Committee on Economic, Capital and Technology Development voted unanimously to provide $54.7 million in tax breaks for the first phase of the massive development planned by the owners of the Bulls and the Blackhawks. The measure still needs full City Council approval.T…
United Center’s 1901 Project Shows How Chicago Property Tax Incentives Really Work
The proposed tax break for the United Center’s 1901 Project has been described as a $55 million subsidy for the owners of the Chicago Bulls and Chicago Blackhawks. That is understandable shorthand, but it is not the precise tax mechanism.The proposal is a Cook County Class 7(b) property tax incentive. It does not write the owners a check. It would reduce the property’s assessment level for 12 years, which in turn lowers the property tax bill tha…
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