Property tax incentives approved today by City Council today will support a pair of commercial redevelopment projects on the Northwest side.
Market Properties, 501 N. Sacramento Blvd.
A Class 6(b) property tax incentive will help Market Properties Inc. renovate a 492,000-square-foot building in the Kinzie Industrial Corridor for its food and paper wholesale businesses and for lease to other tenants. The $515,000 project includes new lighting, loading dock improvements, and other upgrades. The company relocated to the building in January 2014 and currently employs 17 people. It will create an additional eight positions and save an estimated $913,000 in property taxes over the next 12 years through the incentive.
Royal Industries Inc., 4100 W. Victoria St.
The renewal of a Class 6(b) tax incentive for Royal Industries Inc. in the Peterson Pulaski Industrial Corridor will help the company complete a $150,000 reconfiguration of its production space within the building. The original Class 6(b) incentive, issued in 2004, supported the purchase and renovation of the 77,000-square-foot structure for the company’s operations as a distributor of furniture and food service projects.
The estimated $752,000 in tax savings through the 12 -year renewal period will support the addition of 10 new jobs.
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