Old Post Office gets a $100 million Class L property tax break

Five months ago, Mayor Rahm Emanuel toured the renovated lobby and dusty guts of Chicago's Old Main Post Office and touted the building as a potential home for Amazon's second North American headquarters.

On Monday, the giant hulk of a building that hovers over the Eisenhower Expressway got a major boost - whether or not it or Chicago wins the Amazon sweepstakes.

The City Council's Finance Committee signed off on a Class L property tax break that's expected to save building owner 601 W LLC $100 million over the life of the project.

The Class L property tax break allows designated landmarks to be taxed at a rate of 10 percent of assessed valuation for the first 10 years, at 15 percent for the 11th year and at 20 percent for the 12th.

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