Overview
- The City Council’s economic development committee voted unanimously Monday to advance a 12-year, $54.7 million Class 7(b) property-tax abatement for Phase 1 of the plan.
- The measure still needs full Council approval, and Chair Derrick Curtis said he will not call it until questions over Latino contracting and union representation are answered following Monday’s testimony from opponents.
- Phase 1 would kick off a roughly $7 billion overhaul that replaces surface parking with a 6,000-seat music hall, a hotel, parks and housing around the United Center.
- Developers said about 80% of Phase 1 financing depends on the city tax break, which would be the first public subsidy tied to the privately owned arena.
- City officials estimate the project would generate 1,982 construction jobs, 592 full-time jobs and 179 part-time jobs, with $66.7 million in property taxes paid over 12 years even as $54.7 million is abated.