Property Tax Incentives Would Support Commercial and Industrial Projects on the North, Northwest, and South Sides
Property tax incentives introduced to City Council would support four industrial and commercial redevelopment projects across Chicago.
NP Avenue O LLC, 3408 E. 118th St.
A Class 6(b) tax incentive would support the development of a $30.1 million speculative industrial building on 16.2 acres of vacant land in Hegewisch by NP Avenue O LLC. Designed to house manufacturing and distribution tenants, the 300,000 square-foot complex would feature an adjacent 6.7-acre stormwater management facility. As a speculative project, the building is expected to generate up to 150 temporary and 90 permanent jobs when fully occupied. Total tax savings over the 12-year incentive period are estimated at $3 million.
The Cook County Class 6(b) incentive encourages industrial development by providing reduced property tax rates for qualifying rehabilitation and construction projects.
Pullman Huron Investments LLC, 1321 W. 119th St.
A Class 6(b) tax incentive would support the recently completed construction of a 68,000-square-foot addition to an existing 60,000-square-foot building in West Pullman on behalf of MIFAB Inc. The $4.5 million project included expanded warehouse and distribution space for the manufacturer of commercial plumbing and drainage products. The projected $762,000 in tax savings through the 12-year period would add 20 new jobs to the company’s current 68-person workforce.
DLM Real Estate LLC, 4545 W. Armitage Ave.
The renewal of a Class 6(b) tax incentive would support the continued operation of a 42,000-square-foot industrial building in Hermosa by DLM Real Estate LLC, which uses the facility as warehouse and office space for its adjacent wholesale grocery and candy business, Stock ‘n Save. The renewal would support $119,000 in parking lot and masonry repairs. The estimated $261,000 in tax savings through the 12-year renewal period would help the company retain seven existing jobs and create seven new positions. A previous tax incentive was issued on the property in 2008.
1534 S. Western LLC, 1534 S. Western Ave.
A Class 7(b) tax incentive would help facilitate the $1.7 million renovation of a vacant, 65,000-square-foot industrial building on the Near West Side by 1534 S. Western LLC. Upgrades to the four-story building would include facade and interior improvements to accommodate a restaurant and microbrewery, among other uses. The estimated $824,000 in tax savings over the incentive period would support 40 permanent jobs and 50 temporary construction jobs.
The Cook County Class 7(b) tax incentive lowers property taxes for 12 years on qualified commercial development projects.
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