News: U&H Obtains $1.1 Million Dollars in Real Estate Tax Incentives for Developer

Ungaretti & Harris represented a developer of industrial real estate in Chicago, in applying for and obtaining a “Class 6 b” real estate incentive, the result of which is expected to reduce real estate taxes on the property by approximately $1.1 million dollars over the next 12 years.

Cook County’s Class 6b classification is designed to encourage industrial development by offering an incentive for the development of new industrial facilities and rehabilitation of existing industrial structures.

The process of applying for and receiving 6b classification involves interaction with the Cook County Board, the City Council and the Planning Department of the municipality where the real estate is located, and the County Assessor’s office.

Ungaretti & Harris’ zoning and development lawyers include individuals with experience in city, county and state government, both as staff and as elected officials.

For information or assistance with state, county or municipal tax incentives, please call Charles R. Bernardini at 312.977.4377 or click to e-mail.