Proposals to provide two South Side companies with approximately $2 million in property tax relief over the next twelve years are up for consideration.
Balton Corporation, a paper, plastic and dairy product distributor, is seeking a Class 6(b) property tax incentive to relocate from New City to an old industrial facility in Burnside previously occupied by Jay’s Potato Chips. The company plans to spend $4.6 million to renovate the building and expand operations. If the property tax break is approved, the company would save an estimated $1.2 million over the next 12 years.
Takis Royal Foods, a wholesale foodservice supplier to restaurants, is applying for the same property tax incentive to support the recent acquisition and rehabilitation of a 48,000-square-foot industrial building in Archer Heights. The company recently relocated from the Near West Side and has budgeted $2.3 million for renovations and upgrades. If the property tax break is approved, the company would save an estimated $532,000 over the next 12 years.