Lakeside Bank seeks tax break for planned Bridgeport development

The Chicago-based bank is seeking 12 years of reduced property tax assessments for a new branch at Pershing and Halsted

Philip Cacciatore and Lakeside Bank's South Loop location (Credit: Lakeside Bank)
Philip Cacciatore and Lakeside Bank's South Loop location (Credit: Lakeside Bank)

Lakeside Bank is seeking is a 12-year property tax break for its planned location in Bridgeport.

The Chicago-based bank plans to build a two-story branch at 3837 South Halsted Street, according to the city. Lakeside acquired two vacant city lots at the site in April for $550,000, records show.

Now the bank is asking city officials for a property tax incentive that would assess the property at 10 percent of its value for the first 10 years, 15 percent in the 11th year and 20 percent in the 12th year. Commercial buildings are usually assessed at 25 percent of their value.

The tax incentive could save Lakeside $1.7 million over 12 years, according to the city. The bank project is slated to cost $6.3 million.

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The City Council’s Committee on Economic, Capital & Technology Development will consider the proposal at its meeting Tuesday.

Lakeside Bank operates six branches in Chicago and one in Elmhurst. The bank built a new headquarters in South Loop in 2014. The bank has provided financing for numerous Chicago-area projects, including a $16.8 million construction loan for an Old Town condo building from JAB Realty & Development.

Many commercial property owners are bracing for potentially higher property taxes under new Cook County Assessor Fritz Kaegi, who already has implemented a number of changes in the office after unseating longtime Assessor Joe Berrios last year.