A pair of South Side redevelopment projects would move forward through property tax incentives introduced to City Council today by Mayor Lori E. Lightfoot. The projects include:

LPC Ashland I LP, 3711 S. Ashland Ave.
A Class 6(b) property tax incentive would support the construction of a 138,000- square-foot industrial building in the Stockyards Industrial Corridor by LPC Ashland I LP. The $16.7 million facility would be leased to Aviation Institute of Maintenance, which would offer training programs to up to 600 students annually to service, repair, and overhaul aircraft components and systems. An estimated $5.1 million in tax savings over the 12-year period would support the creation of 75 new and 75 temporary construction jobs.

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

NP Avenue O LLC, 3044 and 3300 E. 122nd St.
A pair of Class 6(b) property tax incentives would support the development of two speculative industrial buildings on 71 acres of vacant land in Hegewisch by NP Avenue O LLC. Totaling more than 1.1 million square feet, the nearly identical buildings would be designed to accommodate manufacturing and distributionoriented users. The $91.8 million project, slated for completion later this year, is expected to generate up to 300 temporary construction jobs and up to 380 permanent jobs once fully occupied. Taxes on the properties would be reduced by more than $11.9 million over the 12-year incentive period.

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