Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | LinkedIn
Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | LinkedIn
A proposal for a property tax incentive aimed at revitalizing a West Town warehouse was presented to the City Council by Mayor Brandon Johnson. The plan involves a 67,580-square-foot building located at 455 N. Ashland Ave., owned by Prologis, which is set to undergo over $10 million in improvements.
The proposed Cook County Class 6(b) property tax incentive would facilitate various upgrades, including electrical system enhancements, dock improvements, and structural reinforcements. These renovations are designed to support the operations of NanoGraf Corp., a battery manufacturer that plans to lease the facility.
As part of this initiative, NanoGraf Corp. aims to add 50 employees within two years following the completion of the project. The tax incentive is expected to reduce property taxes by approximately $2.7 million over a 12-year period.
The Class 6(b) incentive is specifically designed to promote industrial retention and attract businesses to underutilized buildings and properties.
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