The city council’s finance committee meets today and the first item on its agenda regards “A communication recommending a proposed ordinance authorizing the approval of a Class L Tax Incentive Classification for the Vasser Swiss Underwear Company.”
It’s not as sexy as it sounds.
1. “The Class L incentive is a special property tax assessment classification to encourage the preservation and rehabilitation of individually designated landmark buildings and those buildings that contribute to the historic character of a landmark district,” according to a city explanation used in another case. “Property owners can have their property taxes reduced for a twelve-year period, provided they invest at least half of the value of the building in an approved rehabilitation project.”
2. The Vassar Swiss Underwear Company Building is located at 2545 W. Diversey Ave., and has been recommended for the National Register of Historic Places.
3. I don’t think they make underwear there anymore. Sadly.
4. Vassar Swiss lives on in PremiumWear!
5. “A familiar landmark along Chicago’s Kennedy Expressway, Green Exchange is known for formerly housing The Frederick Cooper Lamp Company (1960-2005) and the Vassar Swiss Underwear Company (1900-1960),” Conscious Choice wrote last year (third item). “This adaptive reuse development . . . will be leased exclusively to tenants offering sustainable products or services, who are actively working to expand the green marketplace.”
6. “Loft-style Logan Square factory produced countless undergarments.”
7. And now you know . . . the rest of the agenda item.