Chicago awards old Post Office preliminary landmark status, tax incentive

SteveBlog

Curbed Chicago: Currently in the midst of a multi-year renovation into high-tech offices, Chicago’s 1930’s Main Post Office building was awarded a preliminary landmark recommendation at yesterday’s meeting of the City’s Commission on Landmarks. In addition to protecting the 2.8 million-square-foot Art Deco structure from future demolition, the move also enabled the project to receive a special tax assessment to aid in its restoration.

Known as a Class L incentive, the measure reduces tax assessments for landmarked buildings over a 12-year period with the caveat that the owner must invest at least half of the value of the property into an approved rehabilitation project. In the case of the old Chicago Post Office, taxes will be lowered a combined $53.2 million over the dozen-year life of the incentive.  Read more.

Source: Chicago awards old Post Office preliminary landmark status, tax incentive – Curbed Chicago

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