Chicago City Wire

Four industrial projects on Chicago's West Side have been granted property tax incentives, totaling over $13 million in savings, following approval by the City Council. The incentives aim to boost development and job creation in the area.

Lake Keeler LLC plans to use a Class 6(b) incentive for constructing a $7 million, 44,000-square-foot industrial building on vacant land in West Garfield Park. This project is valued at $2.3 million over 12 years and is expected to create up to 50 full-time jobs once fully leased. The City Council had previously approved the sale of the site for its appraised value of $196,000.

Another developer, 2525 W. Taylor LLC, will employ a Class 6(b) incentive to aid in building an $8 million warehouse complex on the Near West Side. With a valuation of $7.9 million over 12 years, this initiative is projected to generate 60 full-time jobs when complete.

Prologis real estate company is set to use a Class 6(b) incentive for $12.8 million worth of improvements to a warehouse occupied by Nanograf Corp. in West Town. The incentive, valued at $2.7 million over the same period, aims to create 50 new jobs and retain 26 existing positions.

Finally, 2512 W 24th LLC will utilize a Class C incentive following their acquisition and environmental cleanup of an industrial site in South Lawndale. This project involves updating the property for modern industrial purposes with efforts amounting to $880,000 and an incentive value of $423,000 over 12 years.

The Class 6(b) property tax incentive is designed to promote industrial development in areas needing revitalization while the Class C incentive supports investment in properties with significant environmental contamination.