City Council Considers Car Dealership on Elston

A property tax incentive introduced to city council Wednesday would support the development of a new North Side car dealership.

The Cook County Class 7(b) tax incentive would allow construction of a Ford dealership on a 7.45 acre site at 2501 N. Elston Ave., on the west edge of the Chicago River, just north of Fullerton and Damen avenues.

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 incentive lowers taxes on qualified commercial properties from the standard Cook County rate of 25 percent to 10 percent for 10 years; 15 percent for the eleventh year; and 20 percent for the twelfth year. The total tax savings during the 12-year period is estimated to be around $1.3 million.

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The new development would generate about $200 million in sales tax revenue over a 20-year period, according to information provided by the city of Chicago.

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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