Property Tax Incentives Approved for Industrial Investment Projects

September 24, 2015

312.744.9267

Property tax incentives approved today by City Council will help revitalize four vacant industrial facilities on the West, Northwest and Southwest sides.

EPC North Star 4501 LLC, 4501 W. 42nd Place
A Class 6(b) incentive will support the $4.9 million acquisition and rehabilitation of a 96,000-square-foot food plant in the Stevenson Industrial Corridor by EPC North Star 4501 LLC. The proposal will reduce property taxes on the building by $1.2 million over the next 12 years and enable the owners to make systems upgrades and operate the structure as a USDA-approved meat and seafood processing plant. The building will be occupied by EPC North Star affiliates Economy Packing and Sam’s Meats, which will relocate from the Near West Side while retaining 100 jobs and adding 20 new positions at the new location.

4GP LLC, 1800-56 N. Kostner Ave/4419 W. Corland St.
A Class 6(b) incentive for 4GP LLC on behalf of Primrose Candy Co. will support the $5.2 million rehabilitation of a 151,000-square-foot building in Hermosa for the company’s warehousing and distribution operations. The project, which includes updates to all major building systems, will enable Primrose to expand its production space at its nearby corporate headquarters. The company will maintain 250 jobs at its existing facility and add up to 50 jobs at the new location. Total tax savings over the 12-year period are estimated at $1.4 million. Founded in 1928, the family-owned business manufactures hard and chewy candies and popcorn confections.

REWL Venture LLC, 315 N. Loomis St.
A Class 6(b) tax incentive will support the purchase and rehabilitation of a 21,000-square-foot industrial building in the Kinzie Industrial Corridor by REWL Venture LLC. The $1.9 million project, initiated in 2013, resulted in the re-occupancy of the three-story structure by Marilyn Miglin LP and its related beauty care production and distribution companies that employ 48 people. The incentive will reduce taxes on the property by $261,000 over the next 12 years. Founded in 1963, Marilyn Miglin products are sold online and through a variety of retail outlets.

Wichita Packing Co., 340 N. Claremont Ave.
A Class 6(b) tax incentive will support the purchase and rehabilitation of a 50,000-square-foot building on the Near West Side by Wichita Packing Co. for its pork ribs processing and distribution business. The $4.1 million project will include new plumbing, sewer improvements, new flooring and exterior brick work. The 35-person company will relocate to the building from the Near West Side and expand its operations by 35 people. It will save an estimated $478,000 in property taxes over the next 12 years through the incentive.

 

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