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A $12.5 million mixed-use development in Portage Park will move forward through $3.3 million in Tax Increment Financing (TIF) assistance approved today by City Council.
The 122,300-square-foot complex at the southeast corner of Central and Waveland avenues will include a four-story, self-storage warehouse and 12,000-square-feet of ground-floor retail space. Currently vacant, the site was last occupied by a Dominick’s grocery store in 2004.
The project is expected to generate an estimated 22 permanent jobs and up to 60 temporary construction jobs.
According to the assistance terms, $2.5 million in TIF will be provided to developer Portage Park Capital LLC in the first year after project completion in two equal installments. The remaining $800,000 will be provided in equal annual installments until the termination of the Belmont/Central TIF district in 2024.
Additional City support will include a Class 7(b) property tax incentive valued at $3.2 million over 12 years. The tax incentive lowers property taxes on qualified commercial properties from the standard Cook County rate of 25% to 10% for 10 years, 15% for the 11th year, and 20% for the 12th year.
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