A new Cook County property tax rebate program introduced to City Council today by Mayor Brandon Johnson would support the planned Illinois Quantum and Microelectronics Park (IQMP) in South Chicago.

The Cook County Class 8 MICRO incentive would identify approximately 480 acres of the former U.S. Steel site at 8080 S. DuSable Lake Shore Dr. as eligible for the incentive, which lowers the tax rate on properties used for quantum computing from 25 percent to 10 percent for 30 years.

Cook County established the program in September to align with the State of Illinois’ Manufacturing Illinois Chips for Real Opportunity (MICRO) Act, which offers significant tax reductions to research and development companies, and manufacturers of semiconductors, microchips and quantum computers.

The IQMP is a multi-billion-dollar global center for quantum-enabled research and technology.

The initial phase is being developed by Related Midwest and computing company PsiQuantum, which will anchor a 300,000-square-foot operations center. The initial phase is expected to generate more than $125 million in new property taxes, inclusive of the rebate, compared to current tax levels.

Occupying lakefront land north of the Calumet River, the site was used for steel production from 1880 to 1992 and is currently vacant.

The Class 8 MICRO incentive would join the existing Class 6, 7, 8 and L Cook County property tax programs used by the City to encourage the revitalization of underutilized industrial and commercial properties. Unlike other County tax incentives, the Class 8 MICRO program would not be eligible for renewal.

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