Daley Proposes $1 Million Tax Break to Land Second Costco
By Kevin Robinson in News on Dec 9, 2010 2:30PM
Reprising a favorite song and dance when looking to give big businesses a tax break, Mayor Daley is pushing for a 12-year tax break worth $1 million to land a second Costco at 14th and Ashland, arguing that the jobs that will be brought to the city will offset the lost revenue from the tax break.
While they will be paying a lesser amount of taxes, the benefit is huge. It’s gonna bring another Costco to the city. We’re taking vacant land and filling it with a huge warehouse store that will mean a lot of jobs. What’s wrong with giving them a tax break?” Molly Sullivan, spokeswoman for the city’s Department of Community Development told the Sun-Times.
The proposal was presented to the city council as an ordinance during Wednesday's meeting. The tax break would be issued by Cook County after the council approves it, and is available to projects that wouldn't go forward without it.