A property tax incentive approved today by City Council will help an Edgewater soy food products business expand its operations.

The Class 6(b) incentive will help Phoenix Bean LLC construct a 3,000-square-foot addition to an existing commercial building at 5408-12 N. Broadway. The $525,000 project will enable the company to expand food processing, cold and dry storage areas and office space. Phoenix Bean manufactures and distributes soy milk, tofu, and bean sprout products.

The estimated $59,000 in tax savings over the 12-year incentive period will support the retention of 15 and the creation of 10 new full-time and five part-time jobs.

The Cook County Class 6(b) incentive encourages industrial development by providing reduced property tax rates for qualifying rehabilitation and construction projects.

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