A plan approved today by City Council will expand the boundaries of Enterprise Zone 1 to include additional commercial areas on the Near West and Lower West sides.
The expansion will add .21 square miles to the 10.55-square-mile zone, which also includes portions of the North and South Lawndale communities. Inclusion in the zone enables local companies to apply for sales tax savings on building supply purchases, among other benefits.
Businesses expected to utilize the tax savings include "The Maxwell," a 239,00-sqaure-foot shopping center under construction at Roosevelt Road and Canal Street, which is planned to include Dick's Sporting Goods, Nordstrom Rack, Burlington Coat Factory and Potbelly's sandwich shop. Being developed by the Bond Cos., the mall is expected to generate approximately $1.8 million in annual real estate taxes and $825,000 in sales tax revenue during the first year, in addition to creating 625 permanent and 800 temporary construction jobs.
United Parcel Service is also expected to use the incentive to support capital investments on its 296,000-square-foot distribution facility near Roosevelt and Jefferson Street, which employs more than 2,600 people.
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