Broadview Oks Tax Credit to Restore Building at 2830 18th Street

(Broadview, IL) The Village of Broadview Board of Trustees has approved a property tax reduction request submitted by Brothers Leal Furniture, LLC. to help facilitate the rehabilitation of the long-abandoned building at 2830 S. 18th Street.

Mayor Katrina Thompson lauds 2830 18th Street property redevelopment.

"The revitalization of the 18th Street property by Brothers Leal Furniture will bring more jobs to Broadview, stimulate economic activity, and ultimately increase our property tax revenue,” said Thompson. “We're proud to support this project and welcome Brothers Leo as an integral part of our business community."

The Brothers Leal property tax reduction request leverages a special Cook County program that provides a 12-year reduction in real estate assessments from the standard Cook County industrial rate of 25 percent. Under this program, qualifying properties are assessed at 10 percent for the first 10 years, 15 percent in the 11th year, and 20 percent in the 12th year. Final approval of the tax reduction is contingent upon the decision of the Cook County Assessor.

Brothers Leal expects to consolidate all its operations within the village.

“The rehabilitation project promises not only to remove a physical eyesore on 18th Street, but also to restore a critical economic hub to Broadview,” said Thompson. “The investment will foster new job opportunities for residents and new opportunities for other local businesses.”

Once the Cook County Assessor approves the tax assessment reduction, Brothers Leal will apply for business permits with the village.

davidormsby@davidormsby.com