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Aldermen’s Opposition Scuttles Mag Mile Tax
A proposed tax aimed at revitalizing the North Michigan Avenue shopping strip has failed to advance in City Council amid strong opposition from two downtown aldermen, Crain’s Chicago Business reported.
The creation of a new taxing district would have raised $742,000 in 2021 for security, marketing campaigns and other costs to help the retail district recover from the coronavirus pandemic and looting over this summer.
The Magnificent Mile Association, representing landlords, hotels and other businesses on the street, supported the measure. However, Alds. Brendan Reilly and Brian Hopkins opposed it, saying the process to approve it was rushed and flawed.
“A number of property owners look at this as yet another obstacle to their own individual recovery for their building, their property and their tenants at a time when many tenants are making decisions on whether or not they are going to remain in these buildings,” Reilly said.
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- ◦Economy
- ◦Financing
