July 24, 2019

Property Tax Incentive Will Support Industrial Redevelopment Project

A property tax incentive approved today by City Council will support an industrial redevelopment project on the Southwest side.

WRK IN PGRSS LLC, 1725-41 W. 21st St. A Class 7(c) property tax incentive will support the $2.4 million rehabilitation and acquisition of a 15,300-square-foot industrial building on the Lower West Side by Wrk In Pgrss LLC on behalf of Gertrude Inc., which plans to use the space for a marketing business. The project, which includes roof repairs, tuckpointing, and upgrades to HVAC, plumbing, electrical, and fire safety systems, will create six new jobs and retain 12 permanent jobs. Total tax savings over the five-year incentive period are estimated at $548,000.

The Class 7(c) incentive reduces property tax assessment levels on qualified commercial properties for five years.



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