TIF Support Approved for Advanced Manufacturing Incubator
The mHub advanced manufacturing incubator will create a new $46 million headquarters on the Near West Side through Tax Increment Financing (TIF) assistance approved by City Council today.
mHub will use up to $17.55 million in TIF for eligible renovation costs involving a 96-year-old, 79,000-square-foot building at 240 N. Ashland Ave., where it will relocate from the Near North Side. The assistance will be provided through the Kinzie Industrial Corridor TIF district.
The project is anticipated to retain 30 permanent jobs and create 200 temporary construction jobs.
Founded in 2016, mHUB is a nonprofit incubator that provides opportunities for start-ups and entrepreneurs in technology and manufacturing. The organization is relocating from a Chicago Avenue location because it could not renew an expiring lease.