The Southland Reactivation Act, Public Act 102-1010, championed by State Representative Anthony DeLuca (D-Chicago Heights) and State Senator Patrick Joyce (D-Essex) is seen as a unique economic development tool in the arsenal of Southland municipalities to attract investment to the region. 

During today’s Chicago Southland Economic Development Forum in Richton Park, IL, DeLuca told an audience of investors, developers, and state and local officials that the Southland Reactivation Act presents a huge advantage to the south suburbs to breathe new life in underutilized properties. 

“This is an opportunity to grow and develop our community,” DeLuca said. “We’re now able to lower effective property tax bills and redevelop municipal-held parcels in areas ripe for redevelopment. The result will be new business investment and new jobs, and an expanded local tax base that will help drive down property tax costs on homeowners and existing businesses.”

The legislation creates a tax abatement incentive that significantly lowers property tax bills for twelve years for eligible commercial and industrial properties in Bloom, Bremen, Calumet, Rich, Thornton or Worth Townships in Cook County.

Identified properties that meet qualifying criteria would be assessed at 50% of the last known equalized assessed value. For the first year a property is certified as a southland reactivation property, the aggregate tax bill liability for the property cannot exceed $100,000. Discounts on the liability would decrease gradually, but continue for a total of 12 years. 

“We’re excited to officially launch the Southland Reactivation Act today and expect it to be transformative as it provides Southland communities with a new, unique-to-the-south-suburbs economic development tool,” Joyce said. “This law reduces the cost of investment which provides an immediate opportunity to build back better and strengthen our region.”

Read the full press release here.