Property Tax Incentives Proposed for Four Industrial Projects

On September 18, 2024, Mayor Brandon Johnson proposed property tax incentives for four industrial projects in Chicago, which could save over $13 million through Cook County incentives. The projects are located on the West Side and aim to stimulate economic growth and job creation in underserved areas. Notably, Lake Keeler LLC plans to construct a $7 million industrial building, which could generate around 50 full-time jobs. Meanwhile, 2525 W Taylor LLC aims to build a warehouse complex worth $8 million, creating another 60 full-time positions. Prologis seeks to improve an existing warehouse with an investment of $12.

8 million, retaining 26 jobs while adding 50 new ones. The proposed incentives include Class 6(b) and Class C property tax reductions, designed to promote industrial development and address environmental challenges. The City Council had previously approved the sale of the land for these projects, reflecting a proactive approach to urban development. Overall, these initiatives underscore the city's focus on revitalizing neighborhoods and enhancing its industrial landscape.