The relocation of JMC Steel Group’s corporate headquarters from suburban Cleveland to downtown Chicago will be supported with up to $1.12 million in financial incentives approved by City Council today.
To be provided in installments through the City’s Tax Increment Financing (TIF) program, the funds will partially reimburse JMC Steel for a $4.7 million renovation of a 29,000-square-foot office at 227 W. Monroe St., where it intends to employ at least 100 people.
Founded in 1877, JMC Steel produces tubing, piping and conduit at 12 factories across North America, including two on the South Side of Chicago.
“By helping to bring the corporate office closer to two local production facilities, the City of Chicago can help the company’s viability while reinforcing the Loop’s continuing evolution as a center for global headquarters,” Mayor Rahm Emanuel said.
As part of the assistance, JMC will maintain at least 295 total jobs at its production facilities in the South Deering and New City communities.
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