Property Tax Incentives Will Support a Pair of Industrial Projects
Property tax incentives approved by City Council today will support a pair of industrial redevelopment projects on the Northwest and Southwest sides.
ADCO Superior Properties LLC, 4616-24 W. Superior St.
A Class 6(b) property tax incentive will support the recent, $2.1 million expansion of warehouse space by ADCO Superior Properties LLC on behalf of Advance Equipment Manufacturing Co. in the Northwest Industrial Corridor. Completed in 2019, the 10,000-square-foot addition enabled the company to create four new and maintain 10 existing jobs. Tax savings over the 12-year incentive period are estimated at $159,000. Founded in 1922, the fifth-generation, family-owned business manufactures painting, drywall, and wall covering tools.
The Cook County Class 6(b) incentive encourages industrial investment by providing reduced property tax rates for qualifying rehabilitation and construction projects.
Tara Management Co., 1100 W. 37th St.
A Class 6(b) property tax incentive will support the rehab of a vacant, 17,200- square-foot industrial building in Bridgeport by Tara Management Co., which will use the space to create an incubator for local entrepreneurs to collaborate and grow their businesses. The incentive will reduce taxes on the property by an estimated $186,000 over the next 12 years. To be operated by Bubbly Dynamics LLC, the $966,700 project will create 58 temporary and 45 permanent jobs.
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