Property Tax Incentives Would Support Four Industrial Projects
Property tax incentives introduced to City Council today by Mayor Lori E. Lightfoot would support four industrial redevelopment projects on the West and South sides.
Chicago Anodizing Co., 4118-38 W. Lake St.
A Class 6(b) incentive would help Chicago Anodizing Co. construct an approximately 21,000-square-foot addition to an existing building at 4112 W. Lake St. in the Northwest Industrial Corridor. The $2.2 million project includes expanded warehouse and office space to increase operational efficiencies for anodizing operations that apply protective coatings to aluminum products. The estimated $172,000 in tax savings over the 12-year incentive period would support the retention of 60 and the creation of six full-time jobs. The Cook County Class 6(b) incentive encourages industrial development by providing reduced property tax rates for qualifying rehabilitation and construction projects.
The Will Group, 825 S. Kilpatrick Ave.
A Class 6(b) incentive would enable the development of a $6.7 million electrical equipment production facility in Austin. The 60,000-square-foot facility would be built and operated by The Will Group to manufacture smart LED light fixtures, solar panels, transformers, and other electrical products for utilities, government agencies, and private clients. The estimated $468,000 in property tax savings over the 12-year incentive period would support the creation of up to 35 permanent positions and 58 construction jobs. The vacant, 3.3-acre site within the Roosevelt Cicero Industrial Corridor was recently sold by the City for $333,000.
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.
Marina Crossing JV LLC, 2075 W. 43rd St.
A Class 6(b) tax incentive would support the recently completed construction of a new, 633,000-square-foot industrial building by Marina Crossing JV LLC in New City. The $32 million development is today occupied by two tenants and employs 70 people. The remaining space will be leased to light industrial firms employing up to 220 additional people. Total tax savings over the 12-year incentive period are estimated at $9.8 million.
# # #