Relocation Assistance Will Forge Finkl’s Future in Burnside
The relocation of A. Finkl and Sons Co.’s forging operations from Lincoln Park to Burnside will be assisted through a Tax Increment Financing (TIF) plan approved today by City Council.
Under the plan, Finkl will be reimbursed with up to $22.5 million in TIF for expenses associated with its rehabilitation of a 600,000-square-foot manufacturing complex previously occupied by Verson Steel at 1355 E. 93rd St.
The reimbursement--specifically for a portion of Finkl’s site assembly, remediation, infrastructure, and building rehabilitation costs--will be funded by new property taxes generated by the 53-acre project. The funds will be dispersed in annual installments through 2033, pending compliance with occupancy and employment requirements associated with the assistance.
“Finkl’s relocation to a more suitable facility in Chicago is a clear reflection of its commitment to its employees and to the City,” Mayor Emanuel said. “Likewise, the assistance is a great example of the City’s commitment to its manufacturing base.”
One of the world’s leading makers of specialty steel alloys, the company has operated at Cortland Street and Southport Avenue since 1902. In searching for a new location with room to expand, the company considered shifting operations to Canada, where relocation costs would have been $60 million less than to a comparable Chicago location.
The $162 million project will retain 300 jobs in Chicago and include the potential to generate 150 more.
The Burnside location will provide easy access to highways, rail lines and the Port of Chicago, offering a variety of distribution options for the 500,000 tons of forgings, dies and castings projected to be produced annually at the new facility. The company has historically produced about 100,000 tons of forgings every year at the Lincoln Park site.
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