Tax Incentives Approved For Two Northwest Side Industrial Projects

September 12, 2012

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A pair of Class 6(b) property tax incentives approved by City Council today will help revitalize two Northwest Side industrial buildings.

One of the incentives will support the $450,000 purchase and rehabilitation of a 9,000-square-foot industrial building at 4115 W. Grand Ave., where Alumitech Ltd. restores and maintains window and wall systems. The proposal will reduce taxes on the Humboldt Park property by $47,000 over the next 12 years and enable the company to add five new positions to its 16-person workforce.

The other incentive will support the $979,000 rehabilitation of 74,800 square feet of industrial space at 1765 N. Elston Ave., where Resource Point of Sale is relocating its computer hardware repair operations. The proposal will reduce taxes on the West Town property by $420,000 over the next 12 years and enable the company to add 10 new positions to its 35-person workforce.

Made available through Cook County, the Class 6(b) incentive encourages industrial development by offering reduced property tax rates for eligible rehabilitation and construction projects.

 

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