Tax Incentives Proposed for Four Properties
Proposed Cook County Class 6(b) property tax incentives would help four Chicago companies to retain and expand their industrial operations through proposals submitted to City Council today.
- Eli’s Cheesecake Co., at 4350 N. Normandy Ave in Dunning, would use the incentive to support construction of an $8 million, 42,000-square-foot addition to its existing headquarters. The incentive would reduce taxes on the property by $386,135 over its 12-year term.
- Modern Process Equipment Corp., at 3130 and 3136 S. Kolin Ave. in Little Village, would use a pair of Class 6(b) renewals to support $1.18 million in building renovations. The incentives would reduce taxes on the properties by $836,716 over their 12-year terms.
- CF II 2700 Roosevelt LLC, at 2700 West Roosevelt Road in North Lawndale, would use the incentive to support $770,000 in building renovations. The incentive would reduce taxes on the properties by $1.17 million over its 12- year term.
- Gateway Park LLC, at 2800 West Columbus Ave in Ashburn, would use a Class 6(b) renewal to support a $5.95 million, 660,000-square-foot building improvement project. The renewal would reduce taxes on the properties by $13.6 million over its 12-year term.
The Class 6(b) incentive is intended to encourage industrial development, rehabilitation of existing buildings and repurposing of abandoned buildings.