Financial Incentives

Class 6(b)-Industrial and Class 6(b)-RenewalsDetail your services

An incentive designed to encourage industrial development throughout Cook County. If the property is found to qualify, it will be assessed at 16% during the first 10 years, 23% during the 11th year and 30% during the 12th year. Click here for more information on Class 6(b)-Industrial or Class 6(b)-Renewals.

Class 7(a) Commercial

Class 7 (a): An incentive designed to stimulate smaller commercial development in areas "in need of commercial development". For project developments that cost under $2 million. The goal is to reduce the cost of real estate taxes for commercial development.Projects or those portions of projects which qualify, will be assessed at 16% during the first 10 years, 23% during the 11th year and 30% during the 12th year.

Class 7(b) Commercial

Class 7 (b): An incentive designed to stimulate larger commercial developments in areas "in need of commercial development". For project developments that cost over $2 million.Projects or those portions of projects which qualify, will be assessed at 16% during the first 10 years, 23% during the 11th year and 30% during the 12th year.Class 7s were created to promote investment and employment opportunities in eligible community areas. Click here to learn more about Class 7 (a) and here to learn about Class 7 (b).

Class 8-Commercial & Industrial

An incentive program designed to encourage development of industrial and commercial properties within certain defined areas of Cook County which are experiencing severe economic stagnation.If the property is found to qualify, it will be assessed at 16% during the first 10 years, 23% during the 11th year and 30% during the 12th year.Click here for more information on Class 8-Commercial & Industrial Projects

Tax Increment Financing (TIF)

Tax Increment Financing  (TIF)

is a method of financing public and private improvements through the sale of municipal bonds. TIF's zone funds assist neighborhoods to  revitalize and stabilize marginal and declining areas via grants which improve economic development, beautification and safety in local area business districts.


TIF grants help pay for 

-Land acquisition, clearance and site preparation
-Environmental remediation measures
-Employee training
-Building rehab and repair
-Signage
-Remodeling of tenant improvements
-Professional fees (Architectural and Engineering)
-Up to 30% of the owners borrowing cost

Small Business Improvement Fund (Chicago)

Provides matching TIF grants of up to $50,000.00 to help small and mid-sized industrial and commercial companies improve their facilities in specially designated areas of the City. Check out www.SomerCor.com for more details.