The $17.1 million rehabilitation of a New City industrial building as a biotechnology laboratory will be assisted through a Tax Increment Financing (TIF) plan approved by City Council today.

The $3.7 million in TIF assistance will help Experimur LLC finance the creation of 54,000 square feet of lab space, offices, and a vivarium within the formerly vacant building 4045 S. Morgan St. 

Experimur recently purchased and relocated to the 35-year-old structure from the former Michael Reese Hospital complex, which closed in 2009.

Founded in 2000, Experimur develops and tests pharmaceutical products that are used to treat diabetes, heart disease, asthma, hypertension, cancer and other illnesses.

The company currently employs 26 scientists. It plans to double the size of its research staff at the new location over the next five years.

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