When the incentives were first introduced, they were not available for status quo. In fact, they were only available for property that had been vacant for over 24 months and was being purchased for value by a purchaser, new construction or substantial rehab. Today, however, they have been expanded and are now available to existing businesses that meet certain criteria as set forth in the 6b SER or TEERM incentives. Additionally with a showing of special circumstances, you can also get incentives today under the re-occupancy of abandoned property route with less than 24 months vacancy and a showing of special circumstance. The newest addition to this list is the CEERM incentive which was just passed in 2018. The new CEERM is another emergency relief incentive, it is not renewable, it is available to an existing owner where the property has been vacant for as little as 3 months but the applicant can show that they will create or maintain at least 250 jobs. For details regarding the eligibility requirements for each of these incentives, please feel free to contact Lauren Elliott.
If you are currently receiving an incentive, do not miss the upcoming January 31, 2019 deadline. The Assessor’s office is requiring incentive holders to complete and return certain incentive affidavits by January 31, 2019 in order to maintain the incentive. If you are an incentive holder, you should have recently received a letter from the Assessor notifying you that the affidavits must be returned by January 31, 2019. If you have not received your letter, you can contact the incentive’s department at (312)603-3430 to request a copy.
If you are a current client of ours and receiving an incentive, we have already contacted you to guide you through the next steps.
If you are not currently working with our firm, please let us know how we may help you.