Mayor Lori Lightfoot has introduced property tax incentives to the City Council to support four South Side redevelopment projects.
The projects include:
DL3 Chatham, 8560 S. Cottage Grove Ave.
A Class 7(b) property tax incentive would support the acquisition and renovation of a 127,000-sq.-ft., former Target store as a customer care center for Discover Financial Services. The $45 million project by DL3 Chatham LLC would employ 1,000 customer service agents.
The incentive would reduce property taxes on the site by approximately $2.5 million over the next 12 years. The call center, which would include about 5,000 sq. ft. of space for community use, is expected to be fully operational by the end of this year. The building has been vacant for two years.
LPC Ashland I LP, 3711 S. Ashland Ave.
A Class 6(b) property tax incentive would support the construction of a 138,000- sq.-ft. industrial building in the Stockyards Industrial Corridor by LPC Ashland I LP. The $16.7 million facility would be leased to Aviation Institute of Maintenance, which would offer training programs to up to 600 students annually to service, repair, and overhaul aircraft components and systems. An estimated $5.1 million in tax savings over the 12-year period would support the creation of 75 new and 75 temporary construction jobs.
NP Avenue O, 3044 and 3300 E. 122nd St.
A pair of Class 6(b) property tax incentives would support the development of two speculative industrial buildings on 71 acres of vacant land in Hegewisch by NP Avenue O LLC. Totaling more than 1.1 million sq. ft., the nearly identical buildings would be designed to accommodate manufacturing and distribution oriented users. The $91.8 million project, slated for completion later this year, is expected to generate up to 300 temporary construction jobs and up to 380 permanent jobs once fully occupied. Taxes on the properties would be reduced by more than $11.9 million over the 12-year incentive period.
Modern Process Equipment, 3130-36 S. Kolin Ave.
The renewal of a Class 6(b) property tax incentive would support the rehabilitation of a pair of industrial buildings by Modern Process Equipment Corp. in South Lawndale. The proposal would reduce property taxes on the 5,700-sq.-ft. and 5,300-sq.-ft. buildings by $372,000 over the next 12 years, enabling a variety of system and equipment upgrades to the two structures. The $1.2 million project would also integrate the company’s operations into a recently purchased adjacent property while retaining 94 jobs and adding 13 new positions.
