Property tax incentives introduced today to City Council by Mayor Rahm Emanuel would support four industrial redevelopment projects across Chicago.
CenterPoint Chicago Enterprise LLC, 13535 S. Torrance Ave. A Class 6(b) property tax incentive would facilitate the construction of a state-of-the-art rail-car assembly plant in Hegewisch. The 381,000-square-foot facility would be occupied by CSSR Sifang America, which is under contract to produce up to 846 new 7000 Series railcars for the Chicago Transit Authority, as well as cars for the Boston transit system and other cities. The $70 million project would support the creation of 170 jobs in addition to 200 temporary construction jobs. The property tax incentive would reduce taxes on the 45-acre property by $3.6 million 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.
Why Not Iron Inc., 4425 W. Kinzie St.
A pair of Class 6(b) incentives would enable the rehabilitation and expansion of a custom metal fabrication business in the Northwest Industrial Corridor. The $468,000 in renovations to Why Not Iron Inc.’s existing 28,000-square-foot manufacturing facility would include tuck pointing, masonry and roof repairs, and new windows and doors. The project, which also includes a $561,000 construction of an adjacent 5,000-square foot warehouse at 4217-19 W. Kinzie St., would enable the company to maintain 15 jobs and add 22 new permanent positions. The incentives would reduce taxes on both properties by a combined $95,000 over the 12 year incentive period. Founded in 1989, Why Not Iron Inc. manufactures and installs a variety of custom architectural and structural metalwork.
DCT Stockyards LLC, 1400 W. 44th St.
A Class 6(b) property tax incentive would support the recently completed construction of a one-story, 167,000-square-foot industrial building on a 10.5-acre site in the Stockyards Industrial Corridor. The $13.4 million project, which includes 36 dock doors, two drive-in doors, 42 trailer parking spaces and a 122-car parking lot, would be leased after build-out for up to three manufacturing businesses. Up to 118 jobs are anticipated in the complex when fully leased. The incentive would reduce taxes on the property by $2.2 million over the next 12 years.
1010-58 W. 35th St. LLC, 1010 W. 35th St.
A Class 7(b) tax incentive would facilitate the redevelopment of the former Spiegel Administration Building in Bridgeport as new, multi-use commercial space. The $6.2 million rehabilitation project by 1010-1058 W 35th LLC would transform the six-story, 240,000-square-foot structure into new offices, artist studios, an event venue, and a self-storage facility. Total tax savings over the incentive period are estimated at $1.9 million. The project would create up to 200 permanent jobs and 50 temporary construction jobs. Designated a Chicago landmark in 2011, the building once housed the mail order operations for Spiegel Inc., one of the world’s largest catalog retailers, best known for its namesake Spiegel catalog.
The Class 7(b) tax incentive lowers property taxes on qualified commercial properties from the standard Cook County rate of 25 percent to 10 percent for 10 years, 15 percent for the 11th year, and 20 percent for the 12th year.
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