A Class C property tax incentive approved today by City Council will support the environmental clean-up of an industrial building at 917 W. 18th St. in the Pilsen Industrial Corridor.
Completed last year at a cost of $262,000, the remediation work by VCP Opportunity Fund II LLC is part of the property's $3.5 million conversion into offices and retail space. The five-story, 37,500-square-foot project will include four floors of office space above one floor of grade level and basement retail space. Up to 150 permanent jobs are anticipated to be completed by future tenants of the building, along with 50 temporary construction jobs.
The Class C incentive encourages the clean-up of contaminated industrial, commercial or vacant sites by lowering the assessment rate for 12 years. Total tax savings are estimated at $199,000 over the period.
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