Tax Incentive Would Assist Harp Manufacturer Relocation
Mayor's Press Office 312.744.3334
Lyon & Healy Harps Inc. would relocate from the Kinzie Industrial Corridor on the Near West Side to the Armitage Industrial Corridor in Austin through a Class 6(b) property tax incentive introduced to City Council today by Mayor Lori E. Lightfoot.
The incentive would help the 159-year-old musical instrument manufacturer to move its manufacturing, warehousing, and distribution operations from a five-story loft structure at 168 N. Ogden Ave. to a two-story, 93,000-square-foot industrial building at 6500 W. Cortland St., which it purchased in 2021.
The new location’s open layout and 135 parking spaces would provide room for expansion and operational efficiencies that will increase employment from 133 to 165 jobs, according to the company. Approximately $2M in improvements are planned for the new location, which was previously occupied by Cobra Electronics.
The Cook County Class 6(b) incentive is intended to encourage re-occupancy of vacant and underutilized industrial properties by reducing that tax rate for a 12-year period. The estimated property tax savings over the incentive term is estimated at $656,330.
Founded by George W. Lyon and Patrick J. Healy in 1864, Lyon & Healy is one of the world’s premier harp manufacturers.