Property tax incentives approved today by City Council will support five industrial and commercial redevelopment projects, including the relocation of a 2,100-person utility company from the suburbs to the Clearing community.
"These incentives provide important resources that lower the cost of doing business while enhancing Chicago neighborhoods for private investment and new jobs," Mayor Rahm Emanuel said.
Meade Electric Company Inc., 6850 W. 62nd St.
A Class 6(b) incentive will help Meade Electric Co. Inc. renovate a 10-acre industrial complex in the Harlem Industrial Corridor as its new 2,100-person headquarters. The $13.7 million project will rehabilitate a vacant, 178,000-square foot industrial building and outdoor storage areas for Meade’s 190 office personnel and 1,900 field operations workers. Originally founded in Chicago in 1906, the family-owned company installs electrical, gas and telecommunications equipment for utility companies and local, state, and federal agencies. The company, which plans to relocate its headquarters from McCook, IL, will save an estimated $231,000 through the incentive over the next 12 years.
The Class 6(b) tax classification encourages the redevelopment of industrial properties by lowering the Cook County tax rate for eligible projects over a 12-year period.
General Truck Parts & Equipment Co, 4040 W. 40th St.
A Class 6(b) incentive will support the $1.8 million rehabilitation of a 135,000-square-foot industrial building in Archer Heights for General Truck Parts & Equipment Co., which plans to use the space for its drive train supply and transmission rebuilding business. Total tax savings over the 12-year incentive period are estimated at $159,000. The project, which includes upgraded building systems, lighting, windows and doors, will create 20 temporary and 10 permanent jobs.
G&I VII VK Western LLC, 2801 S. Western Ave.
A Class 6(b) incentive will support the $4 million renovation of a vacant, 312,000-sqaure-foot industrial facility on the Lower West Side by G&I VII VK Western LLC. The proposal will reduce taxes on the property by $1.7 million over the next 12 years and enable the owners to reconfigure 26 interior loading docks to improve air quality issues within the building. The company intends to lease the space to manufacturing and distribution businesses upon project completion. Approximately 35 temporary and 100 permanent jobs are anticipated to be created by the project.
Berkshire Refrigerated Warehousing LLC, 4550 S. Packers Ave.
A Class 6(b) incentive will support the $5 million expansion of a cold storage warehouse in the Stockyards Industrial Corridor by Berkshire Refrigerated Warehousing LLC. The 41,500-square-foot project will expand an existing, 142,500-square-foot facility. The proposal will reduce taxes on the property by $574,000 over the next 12 years and enable the 62-year-old company to add 44 new positions to its 94-person workforce.
Fremont Square LLC, 1550 N. Fremont St.
A Class C incentive will support the $158,000 clean-up of a contaminated, .7-acre industrial site on the Near North Side. The work, completed in 2013, enabled the construction of 15,000-square-foot, $6.4 million retail complex by Fremont Square LLC that is occupied by two stores and employs 85 people. The Class C incentive encourages the cleanup of contaminated industrial, commercial or vacant sites by lowering the assessment rate for 12 years. Total tax savings is estimated at approximately $249,000.
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