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

Why Not Iron, Inc., 3410 W. Lake St.
A Class 6(b) incentive will support the $393,000 rehabilitation of a 13,200-square-foot East Garfield Park industrial building by Why Not Iron Inc. The proposal will reduce property taxes on the building by $122,000 over the next 12 years and enable a variety of structural and roof repairs. The company, which manufactures custom architectural and structural metalwork, will use the space to expand its business, adding 10 new positions to its existing 15-member workforce.

The Class 6(b) classification encourages the redevelopment of eligible industrial properties by lowering the Cook County tax rate of 25 percent to 10 percent for 10 years, 15 percent for the 11th year, and 20 percent for the 12th year.

Atwater Save-It-All 106th Street Self Storage LLC, 10501 S. Avenue C
A Class 7(b) property tax incentive will facilitate the redevelopment of a vacant 48,000-square-foot former retail building and the construction of two smaller buildings as new commercial space on the East Side. The main building will accommodate a new 86,000-square-foot self-storage facility, and the stand-alone buildings will include new retail spaces. Total tax savings over the incentive period are estimated at $2.1 million. The $8.1 million project will create 35 permanent jobs and up to 60 temporary construction jobs.

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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