After a 30-minute delay due to technical difficulties with the PowerPoint presentation, the Committee approved Midway Moving and Storage’s application to renew a Class 6(b) tax break for its 60,400 square foot warehouse on 4100 W. Ferdinand St. The ordinance will advance to the full City Council for a vote at next week’s meeting.
Committee Members Present: Chairman Howard Brookins, Jr. (20), Gregory Mitchell (7), Patrick Daley Thompson (11), Toni Foulkes (16), David Moore (17), Willie Cochran (20), Michael Scott, Jr. (24), Jason Ervin (28), Milly Santiago (31), Gilbert Villegas (36), Emma Mitts (37), Michele Smith (43), Tom Tunney (44)
A Class 6(b) real estate tax incentive is intended to reduce vacant industrial real estate in Cook County by providing businesses with a lower tax rate if they commit to rehabbing vacant industrial buildings or constructing new industrial property. Properties receiving a Class 6(b) designation will be assessed by the Cook County Assessor at 10% of market value for the first 10 years, 15% in the 11th year and 20% the 12th year. Industrial buildings that don’t receive the designation are assessed at 25% of market value.
According to testimony from Denise Roman, with the Department of Planning and Development, the company seeks a renewal to expand the warehouse and hire additional staff. The company plans to spend $1,226,300 on the expansion plan, she says.
Ald. Jason Ervin (28) sponsored the ordinance to renew the company’s 6b designation which was first awarded in 2004. He touted the company’s record of hiring ex-offenders and the free shredding days the company co-hosts with local aldermen. Neighboring Ald. Emma Mitts (37) gave similar praise.
Former Committee chairman Ald. Tom Tunney (44) asked the company’s principal, Jerry Siegel, about the need for additional document storage space. Siegel says the company is looking to expand its document storage services and that he is actively pursuing area hospitals as new clients.