An “in-between” tax rate is coming to Illinois for 2017 earnings. There was a tax increase in the state and thus the Illinois Department of Revenue calculated a “blended” rate of 4.35% following an increase of the basic rate (in July) from 3.75 to 4.95%. According to Terry Horstman – spokesman for the Department of Revenue – this figure is based on the amount of days under the two different figures. Tax forms will comprise the blended rate facilitating the process for taxpayers. The rate is for income from January-December 2017. The increase in tax rates is in order to raise over $5.1 billion for the 2018 fiscal year.
There are potentially more tax increases in the pipeline too that will go toward recreation programs. With a tax property increase the Chicago Park District believes they will get closer to their proposed $462.3 million budget for park expansion and “special recreation programming” and sites. This would only cost the average homeowner an additional $6.48 and would generate a staggering $7.6 million in revenue.
When it comes to wind energy firms in the state, the taxing model there has been “touted as one of the best in the country, bringing in $30.4 million in property taxes in 2016, according to economic experts.” Whereas it’s common for most of the nation to implore a very patchy system, Illinois has a much more “consistent” one which began in 2007 after its legislature found its system of property tax assessments was so problematic and confusing when it came to wind companies.
There have been some interesting new construction developments in the Windy City as of late. Here, we discuss three of them: Fulton Market WeWork, the Johnson Publishing Building and the Starbucks on Canal Street.
Randy Rissman of Tiger Electronics is in the process of completing a deal to purchase a six-floor office building located at 210-220 N. Green Street in Fulton. With a price tag of approximately $45 million, those selling the property (Shapack Partners, AJ Capital Partners and Shorenstein Properties) will make a tidy profit on what it paid originally – $6.8 million – in 2013.
The Johnson Publishing Building – located on South Michigan Avenue – is in the process of converting what has been office space to 150 apartments for rent. This should start in the beginning of 2018 by 3L Real Estate which just acquired the construction from Columbia College.
Although it already has the largest Starbucks in Chicago, apparently that’s not good enough for the coffee tycoon. Plans have been revealed to develop it to be more than double of its original size, adding 30,000 square feet in its 111 N. Canal Street building to cater to additional workers behind the scenes who are developing new concepts for the firm. Right now, its regional Chicagoan office is nearly 14,000 square feet, located at 564 W. Randolph Street.
Illinois University found in its November’s (monthly) Flash Economic Index that there is slow and steady growth in the state’s economy. There was an increase of 3/10th of a point to 104-point-two from October, marking the end of a five-year low. Fred Giertz, who is an economist at the University, said that anything over 100 means growth and while it is “not [an] explosive growth” but still impressive and similar to what the economy has gone through nationwide in the last two quarters (3 percent).
In Will County, there has been impressive economic development too. According to the Will County Center for Economic Development’s President and CEO, John Greuling, this year, Will County witnessed the creation of an additional 6,200 jobs, 21 million more square feet of space, $900 million in new investment and 40 business expansions.
Amazon, Ikea and General Mills built new warehouses, and the University of St. Francis and Joliet Junior College constructed new facilities. Silver Cross broke ground on a new 100-bed behavioral health center, Mars Candy moved into a 1.4 square foot complex, and four other 1 million square foot sites were built on speculation, he said. It all demonstrates a “high confidence” in Will County’s market, Greuling said.
Meanwhile for those looking to make some extra cash over the festive period, Rockford UPS is hiring. They are looking for around 2,000 people in full- and part-time capacities as drivers, helpers and packers.
On November 25, the entire country was able to celebrate Small Business Saturday. Chicago was not about to miss out. Both owners of small businesses and consumers were able to benefit from what Chicago had to offer, especially at the Lincoln Square Ravenswood Chamber of Commerce. In fact, it’s one of the busiest shopping days of the year.
Small Business Saturday has, over the years (since its inception in 2010), garnered a reputation for providing shoppers with better quality and more unique purchases.
Over in Bronzeville, there were around 20 local businesses that took the initiative to set up a spot where they sold their wares and which was especially useful for those selling pre-Christmas orders such as bakeries and decorative stores.
Meanwhile a new Andersonville store, Cowboys and Astronauts enjoyed great publicity as it had some great exposure. After getting into the holiday spirit on Thanksgiving, this was the perfect opportunity to take it to the next level.