Regarding issues raised in the May 8 editorial on the McGraw-Hill Building at 520 N. Michigan Ave.:
The Class L tax incentive was passed to support historic preservation of landmark commercial and industrial buildings. The Landmarks Preservation Council of Illinois (LPCI) would like to stress that the John Buck Co. can qualify for the Class L property tax incentive if it does just one thing–reuse the entire McGraw-Hill Building.
It is naive of the Buck company to think that its pseudo-preservation of this landmark structure will be given financial aid by Cook County taxpayers. Through a substitute ordinance passed last year, the city is allowing the firm to tear down and partially reconstruct the building and yet still call it a landmark. LPCI was opposed to this substitute ordinance from the beginning.
Under guidelines established by the secretary of the interior more than 20 years ago, this reconstruction would not be eligible for federal tax incentives. The county should not rewrite the Class L ordinance to suit the needs of the Buck project. By doing so, the door will be left open for future facade reconstructions to receive tax incentives as well.
LPCI commends the Tribune for its opposition to the inclusion of facades and facade reconstructions in the Class L property-tax incentive. The City of Chicago is also opposed to such changes. It is our hope that Cook County Assessor James Houlihan and the Cook County Board will oppose it also.
