From the Editorial Board

The Wirtzes and Reinsdorfs want tax breaks for Project 1901 after all. Alders shouldn’t rubber-stamp.

Mayor Brandon Johnson introduced an estimated $54.7 million in property tax incentives for the 1901 Project to the City Council, noting the support of Ald. Walter “Red” Burnett, 27th. Under these terms, the project’s property tax rate for the first phase would be 10% for the first 10 years, 15% for year 11, then 20% for year 12. Without this deal, reserved for projects costing at least $2 million to develop, the rate would be 25%.