A property tax incentive introduced to City Council today by Mayor Rahm Emanuel would support the development of a new car dealership in Logan Square.

The Cook County Class 7(b) incentive would facilitate construction of a Ford dealership on a 7.45 acre site at 2501 N. Elston Ave. by Delta Real Estate Holdings LLC. The $51 million project would provide 102,000 square feet of space for the sale of new and used cars as well as a service center and offices. 

The Class 7(b) tax incentive lowers property taxes on qualified commercial properties from the standard Cook County rate of 25 percent to 10 percent for 10 years, 15 percent for the 11th year, and 20 percent for the 12th year. Total tax savings over the 12-year period are estimated at $1.3 million.

The new development would generate an estimated $200 million in sales tax revenue over a 20-year period.

The company, which operates as Fox Motors, is currently located on the Near South Side.  It would transfer 20 existing positions and add 100 new jobs at the new location. 

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