The reason that art galleries in the River North District deserve a real estate tax break is that as a collective community, it serves as a cultural destination in the city and county (“Financing Chicago’s Renaissance,” Editorial, Aug. 11).
With the highest concentration of art galleries in Chicago, the nine square blocks of the district have, since the late 1980s, provided education, tourism and art experiences for residents and visitors.
Financially they have spurred the economy for all businesses in River North in addition to direct financial contributions as employers of more than 200 people, sales of more than $20 million and $1.25 million in sales tax.
Like a landmark building, the gallery district contributes to the character of the area.
If forced to disperse because of rent increases resulting from high property taxes, the collective value will be destroyed. The proposed tax break designed to keep the galleries together will be covered by the continuation of a thriving gallery community that will generate revenue for the individual businesses directly affected and the vitality and success of the entire River North community.
