Property tax incentives approved today by City Council will support industrial expansion projects in Southwest and Northwest side industrial corridors.

Rockwell Properties LLC, 3057 N. Rockwell Ave.
A Class 6(b) property tax incentive will support the purchase, rehabilitation and build-out of 135,000-square-feet of industrial space in the Addison Industrial Corridor by Rockwell Properties LLC. The $11.2 million project will include remediation work, roof repairs and building system upgrades to 11 interconnected buildings. Up to 160 permanent food production and distribution jobs are anticipated to be created by future tenants of the building, along with 130 temporary construction jobs. The incentive will reduce taxes on the property by $1.6 million over the next 12 years.

J.B. Hunt Transport Inc., 3642-50 W. 47th St.
The renewal of a Class 6(b) tax incentive will support the continued operation of a 28-acre trucking and intermodal facility by J.B. Hunt Transport Inc. in the Stevenson Industrial Corridor. The original Class 6(b), issued in 1994 and previously renewed in 2006, supported $4.9 million in development costs. The new renewal will support $4.5 million in recently completed and planned improvements to a terminal building, parking lot and other facilities. The estimated $3.1 million in tax savings over the 12-year renewal period will help the company retain 1,032 jobs and create 150 new jobs in 2016.

The Cook County Class 6(b) classification encourages industrial development by offering a reduced property tax assessment rate for 12 years for the development or revitalization of manufacturing or industrial facilities.

# # #