A Class 6(b) property tax incentive renewal approved today by City Council will support $325,000 in equipment purchases and facility upgrades at an industrial building at 3313 W. Newport Ave. in Avondale.
The incentive for H.M. Witt & Co. will help the 121-year-old, family-owned firm expand its custom sign business and add 15 new jobs. The 6(b) classification encourages the redevelopment of industrial properties by lowering the Cook County tax rate for eligible projects over a 12-year period. Total savings are projected at $720,000. The original 6(b) incentive supported the $2.6 million purchase and renovation of the company’s 24,000-square-foot building.
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