Ciere Boatright, Commissioner | Chicago
Ciere Boatright, Commissioner | Chicago
Brookfield Properties has received approval from the City Council for a Cook County Class 6(b) property tax incentive to support its planned industrial complex in New City. The development, valued at $57.2 million, will be located at 47th Street and Western Boulevard.
The project involves the construction of four new industrial buildings, with sizes ranging from 75,000 to 198,000 square feet. When fully leased, each building is expected to create approximately 25 full-time jobs.
According to city officials, the approved incentive will offer Brookfield Properties about $7.3 million in property tax savings over a period of 12 years. The site selected for this project was previously home to a Wheatland Tube Co. plant, which closed in 2024.
The Class 6(b) property tax incentive program aims to promote industrial development and encourage investment in the rehabilitation or repurposing of existing or abandoned buildings.
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