Industrial, commercial, and retail redevelopment projects on the North, Northwest and Near West sides will be supported through an environmental remediation property tax incentive approved today by City Council.

Innovatech Properties LLC, 5480-92 N. Northwest Highway A Class C tax incentive will support environmental remediation work at a contaminated industrial property in Jefferson Park. The $106,000 project, completed by Innovatech Properties LLC this year, involved the removal of asbestos and contaminated soil. The company invested more than $6.5 million in acquisition, renovation, and remediation of the 70,000-square-foot facility, enabling Orion Industries, Dimension Bond Inc., and Surface Solutions to relocate from nearby locations. The firms specialize in the application of industrial coatings for automotive parts, medical devices, and consumer goods. Total tax savings are estimated at approximately $973,126.

The Class C incentive encourages the cleanup of contaminated industrial, commercial or vacant sites by lowering the assessment rate for 12 years.

Canal TC LLC, 1100 S. Clinton St. A Class C tax incentive will support $370,000 in environmental remediation work at a former industrial site near Roosevelt Road and Taylor Street on the Near West Side. The work, completed in 2012, enabled the construction of an $86 million, 240,000-square-foot retail complex in 2014 by Canal TC LLC. “The Maxwell” includes Nordstrom Rack, Burlington Coat Factory, Dick's Sporting Goods, TJ Maxx, Pier One, Men's Wearhouse and other retailers. The project created 1,000 temporary construction jobs and 600 permanent retail jobs. Total tax savings are estimated at approximately $6.4 million.

JARLA LLC
A Class C incentive will support the $635,000 clean-up of a 1.4-acre industrial site at 1825 W. Webster Ave. in Logan Square by JARLA LLC. Completed in 2014, the clean-up enabled the construction of a new, $13 million WhirlyBall recreational facility that includes a bowling alley, restaurant, and event room. The company built the 50,400-square-foot complex when it was displaced from its previous location due to the City’s reconstruction of the intersection of Damen, Elston, and Fullerton avenues. The estimated $1.5 million in tax savings over the 12-year incentive period will support the retention of 40 jobs and the creation of 48 new jobs.

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