“A local matter”: Munoz invokes aldermanic privilege to push tax break for huge industrial project

Hilco is asking for reduced property tax assessments on its 1M sf Little Village warehouse

Chicago /
Mar.March 04, 2019 11:00 AM

Alderman Ricardo Munoz (22nd Ward) (left), Hilco Redevelopment Partners CEO Roberto Perez, and a rendering of Exchange 55 (Credit: LinkedIn)

Alderman Ricardo Munoz (22nd Ward) invoked the unwritten rule of “aldermanic privilege” in pushing for a property tax break for Hilco Redevelopment Partners’ massive industrial project in Little Village.

During a City Council committee hearing on the tax break Friday, Munoz grew frustrated at his fellow aldermen’s resistance to granting the incentive for a project in his ward that he supports, according to Block Club Chicago.

“For crying out loud, people, this is a local matter,” Muñoz said.

Though the vote was split, the committee ended up approving the incentive, which would reduce the assessments on the property for 12 years and save Hilco nearly $20 million. The full City Council still needs to vote on it.

Hilco last year won city approval to build the 1 million-square-foot spec warehouse on the site of the shuttered Crawford Power Plant. The firm pegged the cost of the project at $100 million, though Munoz said Friday the economic impact would be much more than that. Some neighborhood groups oppose it, though, saying it will increase congestion and diesel pollution.

Munoz hadn’t been at City Hall since he was arrested New Year’s Eve and charged with attacking his wife, according to Block Club. He did not seek re-election last week. [Block Club] — John O’Brien


Related Articles

arrow_forward_ios
Fritz Kaegi, Cook County assessor (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
Kiser Group's Noah Birk and Aaron Skar with 7800, 7806 and 7822 South Laflin in the South Side neighborhood (Kiser Group)
Chicago multifamily properties attracting out-of-state buyers: Kiser Group’s Birk, Sklar
Chicago multifamily properties attracting out-of-state buyers: Kiser Group’s Birk, Sklar
Merchandise MART and Vornado VP Glen Weiss (Loopnet, LinkedIn)
Chicago’s Merchandise Mart getting another renovation
Chicago’s Merchandise Mart getting another renovation
401 West Touhy Avenue, Des Plaines and Brad Jacobs, CEO of XPO Logistics with Realterm Logistics CEO Robert Fordi (Google Maps, LinkedIn, Realterm)
XPO sells suburban Des Plaines industrial site in $50M sale-leaseback deal
XPO sells suburban Des Plaines industrial site in $50M sale-leaseback deal
Henry Kravis, co-founder and co-executive chairman, KKR (KKR); and Logistics Property In Suburban Chicago area (Crow Holdings)
KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
A rendering of "43 Green," the planned development on the corner of Calumet Avenue and 43rd Street (Chicago Department of Planning & Development)
Mixed-use development set to bring housing, retail to Bronzeville
Mixed-use development set to bring housing, retail to Bronzeville
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
Duke Realty buys still more Chicago property, expanding to suburbs
Duke Realty buys still more Chicago property, expanding to suburbs
Duke Realty buys still more Chicago property, expanding to suburbs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...