A Class C property tax incentive approved today by City Council will support the environmental clean-up of a former parking lot at 917 W. 18th St. on the Near West Side.

The $236,000 remediation project by Arkadia Apartments LLC involved the removal of contaminated soil and underground fuel storage tanks, which enabled the development of “Arkadia Tower,” a $75.4 million, 33-story high-rise with 350 apartments and 20,000 square feet of retail space in 2014. The project created 725 temporary construction jobs and 25 permanent jobs. The property was previously tax exempt.

The Class C incentive encourages the cleanup of contaminated industrial, commercial or vacant sites by lowering the assessment rate for 12 years. Tax savings over the incentive period are estimated at $2.6 million.

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