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Green Office Building Gets & Gives Incentives

 

Phil Baugh
Director of Community Development and Leasing
Baum Realty Group
1030 W. Chicago Ave, Suite 200
Chicago, IL 60622
 312-666-3000
 phil@baumrealty.com
 www.greenexchange.com

  Interview Highlights

  • A state of the art Green design building that will only house businesses that are advancing environmental responsibility, health and wellness or social responsibility.
  • Like Green Choice Bank that encourages sustainability in the banking industry, like underwriting green homes at higher value than non-green homes.
  • Tenants have to use green cleaning chemicals.
  • They are a pre-certified as a LEED building.
  • Studies show that employees that work in a LEED-certified building have a 5% to 15% increase in productivity.
  • LEED: Leadership in Energy and Environmental Design - U.S. Green Building Council - www.usgbc.org
  • They use solar panels that cut down on utility costs for tenants.
  • Planting an organic garden.
  • Chicago Green Permit Program reduces the permitting process from 6-9 months to 4-6 weeks - www.cityofchicago.org.
  • They received $500,000 in federal grant money to create green jobs in the building.
  • Tenants can receive loans of $8,600 at 0.25% interest for every new job that is filled by a federally designated low-income individual.
  • They are also a designated Enterprise Zone which means that anything that tenants buy to build out their space they can buy tax free.
  • Because they are an Enterprise Zone there are bigger opportunities for businesses moving into Illinois from other states.
  • Because they are doing Historic Renovation tenants receive a break because the building's taxes are 52% less than a traditional building.
  • Other sources that provided assistance include:
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