On Friday June 23, 2017, the Cook County Economic Development Advisory Committee (EDAC) unanimously voted to approve Spectrum Retirement Communities’ application for a Class 7b Tax Incentive in Palos Heights. The proposed project includes construction of an approximately 174,000 square foot, 174 room senior assisted living and memory care community … Continued The post Palos Heights Class 7B Tax Incentive Approved For Spectrum Retirement Community appeared first on Liston Tsantilis Law.
On Friday June 23, 2017, the Cook County Economic Development Advisory Committee (EDAC) unanimously voted to approve Spectrum Retirement Communities’ application for a Class 7b Tax Incentive in Palos Heights. The proposed project includes construction of an approximately 174,000 square foot, 174 room senior assisted living and memory care community at the corner of 119th Street and Harlem Avenue. This project will occupy a site that has been vacant for over a decade and is in desperate need of revitalization. Spectrum plans to invest over $58,000,000 dollars into building this site and will create over 200 construction jobs in the process. This investment includes some environmental remediation and site restoration along the Cal-Sag channel. Once complete, this modern and highly-rated facility will be home to nearly one hundred employees.
Spectrum Retirement Communities is a nationally recognized leader in developing and managing retirement, assisted living and memory care communities throughout the United States. Based in Denver, Spectrum owns and operates over thirty-eight facilities in the United States, with more than ten new buildings reaching completion over the next decade. Not counting this new facility, Spectrum currently operates five facilities in Illinois. This Palos Heights facility will join Spectrum’s most recent project completion in Illinois, located in Streamwood, as the two projects Spectrum will operate in Cook County.
The City of Palos Heights strongly supported this project as the area where this development is planned was considered a blighted area, attracting “fly dumping” and other nuisances that the City was interested in resolving permanently. Further, the Palos Heights community and the surrounding area was in need of high-quality assisted living facilities such as Spectrum’s project. A majority of the community requested that Spectrum completes their project as soon as possible.
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