Tax Benefits & IncentivesThe Administration Building is one of the 2,500 historic places to have been placed on the National Register of Historic Places. The property earned this honor due to its significance as the headquarters for Sears, Roebuck & Company for 68 years and because of its prominent architect, George C. Nimmons. Additionally, Preservation Chicago has placed Westgate Tower (former headquarters of Allstate Insurance) on its most endangered list. The building has tentative approval to be placed on the National Register of Historic Places if an owner wishes to pursue the benefits associated with that status, but it also can be razed, if an owner has alternative plans for that property site.
Sterling Park resides within the boundaries of an Illinois Enterprise Zone and a City of Chicago TIF District, providing numerous tax credits and incentives. The following bullets below are a list of tax benefits and incentives that we advise can and should be explored for the Properties:
-Federal Tax Incentives for the preservation of historic buildings;
-The Administration Building is currently eligible for Historic Tax Credits. Historic Tax Credits for developers who preserve historic structures;
-Tax deductions resulting from a facade easement contribution to a charitable 501(c)(3) non-profit organization;
-All of the Properties are encompassed within a City of Chicago Enterprise Zone, which provides tax incentives for qualified businesses to stimulate private investment and create jobs within the community;
-The Properties reside within an Illinois Enterprise Zone, which offers various tax incentives to qualified properties that stimulate economic activity and neighborhood revitalization;
-The Administration Building has been designated a Chicago landmark, and Westgate Tower could be considered for this same designation, which offers owners who rehabilitate the properties a reduced tax rate for 12 years, and permit fee waivers;
-Sterling Park resides within the boundaries of the Homan Arthington Tax Increment Financing (TIF) District, with significant potential tax benefits to owners.