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Industry to Cook County: Don’t Change Incentives
SIOR and the Association of Industrial Real Estate Brokers are among those urging Cook County Commissions not to impose new restrictions on a long-established incentive program. Changes to the Class 6, 7a, 7b 8, L & C Property Tax Incentive program would require property owners and tenants to hire only construction workers earning an Illinois “Prevailing Wage,” often higher than union scale.
AIRE VP John Coleman recently told commissioners, “The incentive program does exactly what you want it to do—grow the tax base by stimulating investment in local communities. It doesn’t make sense to change a program in a way that has no chance of making it better.”
Attorney John Nyhan, who has mobilized real estate professionals and trade associations against the changes, said the measure would impede economic development “due to the added costs and administrative burdens it imposes on those seeking assistance through the County Incentive Programs.”
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