United Continental Holdings, parent of United Airlines, is giving back $5.6 million in City of Chicago tax incentives.
The incentive money is tied to United’s 2007 move to its corporate headquarters at 77 W. Wacker Drive, along the Chicago River. Because of United’s recent plans to move out of that building and consolidate its headquarters into Willis Tower where it has other operations, the airline said it was “appropriate” to return the money. However, it wasn’t necessary.
City officials said United had so far fulfilled its obligations for receiving the money, such as maintaining a minimum employment level in the 77 W. Wacker Drive building, and that the incentives would have traveled with the company as it moved several blocks down Wacker Drive to Willis Tower.
via Chicago Tribune.
Well Kudos to United Continental!!
As you (should already) know, TIF’s are evil. United’s actions are commendable. Abolishing TIF’s; putting as much money back into the general tax rolls as possible is the goal. Giving the money back to the TIF shows that it’s not needed. That’s a great first step in getting rid of the TIF altogether.