Business Incentives

 

For more information about business incentives, please contact:
Courtney Pogue, Deputy Director, Bureau of Economic Development
Courtney.Pogue@cookcountyil.gov

To view details and download an application, please go to the Cook County Assessors Website.

Brief Descriptions:

Class 6b  -Properties must be used for industrial purposes and the project must involve new construction, substantial rehabilitation, or the re-occupancy of abandoned industrial property.   Qualifying properties can apply to receive a 12 year reduction in real estate assessments from the standard commercial assessment rate of 25%.

Class 7a and b - Properties must be used for commercial purposes and the project must involve new construction, substantial rehabilitation, or the re-occupancy of abandoned industrial property.
7a = projects less than $2 million
7b = projects more than $2 million
Qualifying properties can apply to receive a 12 year reduction in real estate assessments from the standard commercial assessment rate of 25%.

Sustainable Emergency Relief (SER) Program – Class 6b and 8
Approved by the Cook County Board in July 2013
Applicable to long-term industrial tenants in Cook County for 10yrs
Demonstrate evidence of economic hardship
Age of facility documented
Area that demonstrates higher than normal industrial vacancy
Qualified properties will be assessed at 10% for 10yrs, 15% for the 11th year, and 20% for the 12th year.
Applicants need approval from the municipality prior to submittal

Class 6b and 8 – TEERM – Temporary Emergency Economic Recovery Modification (TEERM)
Approved by the Cook County Board in July 2013
Reduces vacancy period from 24 months to 12 months for properties that have been 100% vacant with the same ownership
Qualified properties will be assessed at 10% for 10yrs, 15% for the 11th year, and 20% for the 12th year.
Applicants need approval from the municipality prior to submittal