Property Tax Incentives Will Support Six Industrial Redevelopment Projects
312.744.9267
Property tax incentives approved today by City Council will support six industrial redevelopment projects and more than 600 jobs across the city.
South Chicago Packing LLC, 3800 S. Morgan St.
A Class 6(b) tax incentive will help South Chicago Packing LLC rehabilitate a 50,000-square-foot industrial building in the Stockyards Industrial Corridor for the manufacture and distribution of edible oils and fats. The project is part of $23 million modernization and expansion effort at the company's 5.6-acre complex, where it also plans to upgrade its tank capacity and rail facilities. The estimated $641,000 in tax savings through the 12-year period will add 15 new jobs to the company’s current 85-person workforce.
PanCal Pulaski LLC, 3348 S. Pulaski Road
A Class 6(b) property tax incentive will facilitate the construction of a new 316,000-square-foot industrial building on a 15.6-acre site within the Little Village Industrial Corridor. Developed by Pancal Pulaski LLC, the $16.3 million project will include 30 dock doors, four drive-in doors, 97 trailer parking spaces and a 327-car parking lot. The developer intends to lease the space to manufacturing and distribution businesses upon completion. Up to 250 permanent jobs are anticipated to be created by future tenants of the building in addition to 175 temporary construction jobs. The incentive will reduce taxes on the property by $4.1 million over the next 12 years.
Topweb LLC, 5450 N. Northwest Highway
A Class 6(b) incentive will support the recently completed construction of a new 57,000-square-foot printing facility by Topweb LLC in the Northwest Highway Industrial Corridor. The $15 million project resulted in the retention of 38 jobs in Chicago and the creation of 10 new positions. The company, which specializes in newspaper printing, relocated from Logan Square to the building last year. The incentive will reduce taxes on the property by $974,000 over the next 12 years.
Ashley Calumet LLC, 9540 S. Dorchester Ave.
The renewal of a Class 6(b) tax incentive on behalf of MeadWestvaco Corp. will help the company retain 140 jobs by lowering the property taxes on their facility in the Calumet Business Center for the next 12 years. The original Class 6(b) incentive supported the construction of a 77,000-square-foot addition to MeadWestvaco's package manufacturing complex. The company, which makes cardboard containers for food, beverages and other products, will save an estimated $763,000 over the renewal period.
CF II 2700 Roosevelt LLC/Lopin Roosevelt LLC, 2700 W. Roosevelt Road
The renewal of a Class 6(b) tax incentive for CFII 2700 Roosevelt LLC/Lopin Roosevelt LLC will support the continued occupancy of a 107,000-square-foot industrial building in North Lawndale. The original Class 6(b), issued in 1999, supported the $3 million construction of the facility. The property is today occupied by three tenants and employs 80 people. Tax savings over the 12-year renewal period are estimated at $1.1 million.
Chicago Paper Tube & Can Co., 4221 N. Normandy Ave.
The renewal of a Class 6(b) tax incentive for Jonchris LLC, which operates as Chicago Paper Tube & Can Co., will help the company retain 27 full- and part-time jobs in the Wright Industrial Corridor by lowering its property taxes for the next 12 years. The original Class 6(b), issued in 2004, supported the construction of a $3.4 million, 65,000-square-foot facility for the manufacture of custom paperboard products. The company, headquartered in Chicago since 1898, makes sustainable packaging for health and beauty, home care, and gourmet food products. Total tax savings over the renewal period are estimated at $1 million.
# # #