Mayor Rahm Emanuel today announced City Council passage of property tax incentives that will support two industrial redevelopment projects on the Southwest and North sides.

Bridgewater Studios Inc., 1713 W. 35^th St.
A Class 6(b) incentive will support the $800,000 acquisition and renovation of a vacant 13,000-square-foot industrial building in McKinley Park by Bridgewater Studios Inc. The proposal will enable the owners to add office space and make upgrades to the 60-year-old structure’s facade, roof, windows, and mechanical systems. The custom design and fabrication business, which serves multiple market segments, will relocate from the Near West Side while retaining 10 jobs and adding 10 new positions at the new location. Tax savings over the 12 years are estimated at $193,000.

The Class 6(b) tax classification encourages the redevelopment of industrial properties by lowering the Cook County tax rate for eligible projects over a 12-year period.

1455 Willow Adventures LLC, 1455 W. Willow St.
The renewal of a Class 6(b) tax incentive will support the occupancy of a 28,000-square-foot building in North Branch Industrial Corridor by Local Foods, HandCut Foods, and Carbon Green companies. The 28,000-square-foot building was purchased in 2013 by 1455 Willow Adventures, which invested $5 million in structural repairs and new mechanical systems. The building currently houses 145 jobs. The projected tax savings over the 12-year period are estimated at $387,000.  An original tax incentive on the property was issued in 1996 and renewed in 2006 by a previous owner.

# # #