Tax Incentives Approved for Five Properties
Cook County Class 6(b) property tax incentives will help four Chicago companies to retain and expand their industrial operations through legislation approved by City Council today.
• Eli’s Cheesecake Co., at 4350 N. Normandy Ave. in Dunning, will use the incentive to support the construction of an $8 million, 42,000-square-foot addition to its existing headquarters. The incentive will 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, will use a pair of Class 6(b) renewals to support $1.18 million in building renovations. The incentives will reduce taxes on the properties by $836,716 over their 12-year terms.
• CF II 2700 Roosevelt LLC, at 2700 W. Roosevelt Road in North Lawndale, will use the incentive to support $770,000 in building renovations. The incentive will reduce taxes on the properties by $1.17 million over its 12-year term.
• Gateway Park LLC, at 2800 W. Columbus Ave. in Ashburn, will use a Class 6(b) renewal to support a $5.95 million, 660,000-square-foot building improvement project. The renewal will 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.