In addition, a tax increment financing district is being created to generate $1.9 million for road, sidewalk and utility repairs. The tax relief comes in the form of a Cook County Class 6(b) classification, which lowers the assessed value of property for 12 years. Both measures are expected to be approved this month by the city council.
"These financial incentives will pay for themselves many times over as the paychecks of Wheatland's employees ripple through the local economy," says Mayor Richard M. Daley.
The company, a subsidiary of Philadelphia-based John Maneely Co., received a $12-million loan from the city in 1996 to fund a previous expansion.
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