Deputy planning and development commissioner Brian Goeken says the work done on the building meets his department's standards, but the building department has not had a chance to do its inspection.
However, the Class L incentive was sent to the Cook County Assessor's office Thursday in anticipation that the work will satisfy building inspectors. The inspections are scheduled for later this month.
Building owner Jay Richman was among those who helped spearhead the landmarking of the Jewelers Row District, an effort that was sparked by developers' plans to convert more East Loop buildings to condominiums.
"This gentleman, to me, has been the George Washington of Wabash Avenue," says 42nd Ward Alderman Burt Natarus. "This gentleman here has been a pioneer…We really have to help him."
The incentive is worth more than three years of property tax payments on the building, according to public records. The Cook County Assessor values the property at $10 million.
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