Property tax incentives approved today by City Council will support a pair of commercial redevelopment projects on the South and Southwest sides.

920 Venture LLC
A Class 6(b) incentive will support the purchase and rehabilitation of a vacant, 42,000-square-foot building in the Stockyards Industrial Corridor by 920 Venture LLC. The $3 million project at 920 W. Pershing Road will include a new roof, updated lighting, and upgrades to all building systems. The proposal will reduce the property taxes on the building by $436,000 over the next 12 years. Up to 60 permanent jobs are anticipated to be created by two future tenants of the building, along with 30 temporary construction jobs.

"This project is going to turn a vacant building into an economic asset for the 11th Ward," said Alderman Patrick D. Thompson. "Construction plus the future businesses in the building are going to create more than 50 new neighborhood jobs."

39th and Archer II LLC
A Class C tax incentive will support the clean-up of a former CTA bus maintenance site at 2614 W. Pershing Road in Brighton Park. Completed in 2015, the $2.4 million clean-up project by 39th and Archer II LLC involved the removal of contaminated soil, asbestos-laden building materials and underground fuel and oil storage tanks. The 5.3-acre project enabled the development of an $18.4 million, 73,300-square-foot retail development to move forward last year. “Archer Station," which is expected to be completed by the end of summer, includes an LA Fitness, Ross Dress for Less and other stores. The Class C incentive encourages the clean-up of contaminated industrial, commercial or vacant sites by lowering the standard Cook County assessment rate for 12 years. Tax savings over the period are estimated at $2.1 million. The project created 270 temporary construction jobs. Up to 200 permanent jobs are anticipated once the center is fully occupied.

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