Property tax incentives approved today by City Council will support three industrial redevelopment projects across the City.

Ascent CH3 LLC
A Class 6(b) incentive will support the $87.2 million renovation of a 110,000-square-foot industrial building at 717 S. Des Plaines St. on the Near West Side as a data center. The incentive will reduce taxes on the property by $1.7 million over the next 12 years, enabling Ascent CH3 LLC to build five data center suites in the building, each with dedicated office, storage and backup generators. The facility, which will store and transmit vast amounts of digital information, is expected to create 133 temporary jobs and 23 permanent jobs.

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.

Bond Corp.
The Bond Corp. will renew a Class 6(b) property tax incentive to support the continued operation of a 50,000-square-foot industrial building at 4237 W. 42nd Place in Archer Heights. The manufacturer purchased the building in 2011 after a fire destroyed its Near West Side facility. The business will invest $150,000 in new equipment and building upgrades over the next year for the production of tack cloth, a specialty wiping material used for a variety of cleaning applications. The projected $232,000 in tax savings through the 12-year period will add two new jobs to the company’s current 21-person workforce. A previous tax incentive on the property was issued in 2005.

JayTee LLC
A Class 7(c) tax incentive will facilitate the demolition of a vacant industrial building and support the construction of a new five-story, 119,000-square-foot, mixed-use development at 921 S. Jefferson St. on the Near West Side. To be developed by JayTee LLC, the $44 million project will include four floors of retail and office space above one floor of grade level and two floors of underground parking. The project will result in the creation of 200 permanent jobs from future tenants and 90 temporary construction jobs. Total tax savings are estimated at $3.4 million.

The Class 7(c) incentive reduces property tax assessment levels on qualified commercial properties to 10 percent for three years, 15 percent in the fourth year and 20 percent in the fifth year.

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