Chicago City Wire

Four West Side industrial projects would save more than $13 million in property taxes through Cook County incentives proposed to City Council today by Mayor Brandon Johnson.

Lake Keeler LLC, 4202-32 W. Lake St.

Industrial developer Lake Keeler LLC would use a Class 6(b) incentive to construct a $7 million, 44,000-square-foot industrial building on 1.36 acres of vacant City land in West Garfield Park. Valued at $2.3 million over the 12-year period, the incentive would help create up to 50 full-time jobs when fully leased. In June, City Council approved the site’s sale for its appraised value of $196,000.

2525 W Taylor LLC, 2525 W. Taylor St.

Industrial developer 2525 W. Taylor LLC would use a Class 6(b) incentive to support construction of an $8 million, 42,750-square-foot warehouse complex on the Near West Side. Valued at $7.9 million over the 12-year period, the incentive would help create 60 full-time jobs when fully leased.

Prologis, 455 N. Ashland Ave.

Prologis real estate company would use a Class 6(b) incentive to support $12.8 million in improvements to a 67,500-square-foot warehouse occupied by Nanograf Corp. in West Town. Valued at $2.7 million over the 12-year period, the incentive would help create 50 full-time jobs and retain 26 full-time jobs.

2512 W 24th LLC, 2512 W. 24th St.

Industrial developer 2512 W. 24th LLC would use a Class C incentive as part of the recent acquisition and environmental remediation of a 1.3-acre industrial site in South Lawndale. Valued at $423,000 over the twelve-year period, the incentive is part of an $880,000 effort to update the property for contemporary industrial uses.

The Class 6(b) property tax incentive is intended to encourage industrial development in areas in need of revitalization.

The Class C property tax incentive is intended to facilitate commercial and industrial investment in properties that have substantial environmental contamination.

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