Report: Costco gets $1 million tax break to build store
New York City -- Chicago's City Council on Thursday approved a $1 million property tax break for Costco Wholesale Corp. to build its second store in the city, Chicago Business reported.
The tax break was introduced by Mayor Richard M. Daley at a December City Council meeting. He asked that the retailer receive a $1 million tax break over 12 years for a store to be built at 14th Street and Ashland Avenue.
If built, the project would have an estimated cost of $48.5 million and could create 600 construction jobs, 125 full-time jobs and 125 part-time jobs, according to the city, the report said.