A property tax incentive approved today by City Council will help a wholesale furniture distributor expand its operations in West Garfield Park.
The incentive will support the $487,000 rehabilitation of an 8,000-square-foot industrial building at 4422-26 W. Fifth Ave. by Jarad Investments LLC on behalf of Nationwide Distributor, Inc., which plans to use the space for storage. Nationwide operates a 170,000-square-foot warehouse and showroom across the street from the structure.
Tax savings over the 12-year incentive period are estimated at $109,000.
The Cook County Class 6(b) incentive encourages industrial development by providing reduced property tax rates for qualifying rehabilitation and construction projects.
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