Mayor Lightfoot proposes tax incentive for industrial redevelopment projects

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Property tax incentives introduced to the City Council by Mayor Lori Lightfoot would support a pair of industrial redevelopment projects on the Northwest and Southwest sides.

A Class 6(b) property tax incentive would support the recent, $2.1 million expansion of warehouse space by ADCO Superior Properties LLC on behalf of Advance Equipment Manufacturing Co. in the Northwest Industrial Corridor. Completed in 2019, the 10,000-sq.-ft. addition enabled the company to create four new and maintain 10 existing jobs. Total tax savings over the 12-year period are estimated at $159,000. Founded in 1922, the fifth-generation family-owned business manufactures painting, drywall, and wall covering tools.

In addition, a Class 6(b) property tax incentive would support the rehab of a vacant, 17,200- sq.-ft. industrial building in Bridgeport by Tara Management Co., which would use the space to create an incubator for local entrepreneurs to collaborate and grow their businesses. The incentive would reduce taxes on the property by an estimated $186,000 over the next 12 years. To be operated by Bubbly Dynamics, the $966,700 project would create 58 temporary and 45 permanent jobs when completed.

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