A Class L property tax incentive approved by City Council today will support the $18.4 million rehabilitation of a two-story commercial building in the Fulton-Randolph Market District.

ASB 939 Fulton LLC will use the Class L tax incentive to support improvements to 933-943 W. Fulton Market, including masonry and window repairs and the addition of a third story.

An estimated 75 permanent and 50 temporary jobs are expected from the project. The building was originally built in 1915 for Wm. Schukraft & Sons, manufacturers of wagon and truck bodies. By 1928, it was repurposed and housed meat and poultry wholesalers.

The Fulton-Randolph Market District was designated as an official City historic district in September 2015. Consisting of 87 contributing buildings, the district encompasses Chicago's oldest and last remaining public market occupied by wholesale produce vendors and meatpacking outlets.

The Class L tax incentive lowers the rate on designated landmarks or a contributing building in a landmark district undergoing significant rehabilitation. The incentive will reduce taxes on the property by an estimated $4.8 million over 12 years.