Costco new store tax break clears City Hall hurdle
By: Lorene Yue January 05, 2011
(Crain's) — Costco Wholesale Corp. is a step closer to landing a $1-million property tax break after getting the green light from a City Council committee.
The Committee on Economic, Capital and Technology Development on Wednesday unanimously passed the property tax break request, a spokesman for Alderman Margaret Laurino said.
The 39th Ward alderman heads the committee, which considered the tax break ordinance after Mayor Richard M. Daley introduced it at a December City Council meeting.
The ordinance is scheduled to be voted on by the full City Council at its Jan. 13 meeting.
It calls for Issaquah, Wash.-based Costco to receive a $1-million break over 12 years for a proposed store at 14th Street and Ashland Avenue. If built, the store would be Costco's second in Chicago. The other is in Lincoln Park.
Costco would not confirm plans to build on 16 acres near the University of Illinois at Chicago's medical campus.
"Our corporate policy is to not comment on specific markets," Jeff Brotman, Costco chairman and co-founder, said in a statement Wednesday.
The project, with an estimated cost of $48.5 million, is expected to create 600 construction jobs, 125 full-time jobs and 125 part-time jobs, the city says.
To read the original story on Crains
By: Lorene Yue January 05, 2011
(Crain's) — Costco Wholesale Corp. is a step closer to landing a $1-million property tax break after getting the green light from a City Council committee.
The Committee on Economic, Capital and Technology Development on Wednesday unanimously passed the property tax break request, a spokesman for Alderman Margaret Laurino said.
The 39th Ward alderman heads the committee, which considered the tax break ordinance after Mayor Richard M. Daley introduced it at a December City Council meeting.
The ordinance is scheduled to be voted on by the full City Council at its Jan. 13 meeting.
It calls for Issaquah, Wash.-based Costco to receive a $1-million break over 12 years for a proposed store at 14th Street and Ashland Avenue. If built, the store would be Costco's second in Chicago. The other is in Lincoln Park.
Costco would not confirm plans to build on 16 acres near the University of Illinois at Chicago's medical campus.
"Our corporate policy is to not comment on specific markets," Jeff Brotman, Costco chairman and co-founder, said in a statement Wednesday.
The project, with an estimated cost of $48.5 million, is expected to create 600 construction jobs, 125 full-time jobs and 125 part-time jobs, the city says.
To read the original story on Crains
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