HSG Belmont Clark LLC would receive a Cook County Class C property tax incentive to support its recently completed commercial structure in Lake View under a proposal introduced to City Council today by Mayor Brandon Johnson.

The two-story, $29.9 million project replaced a parking lot and bank at 3179 N. Clark St. and included extensive environmental remediation.

The incentive would reduce taxes on the property by an estimated $2.9 million during the 12-year term.

The Class C property tax incentive is intended to facilitate commercial and industrial investment in properties that have substantial environmental contamination.