The site is a former Zenith facility that includes 10 oil and asphalt tanks, and now is used to store vehicles, says department of planning and development project manager Jim Horan. The city plans to use its condemnation powers to acquire the property and sell it to a new owner.
The buyer could tap the city for financial assistance, Horan notes, which could come in the form of industrial revenue bonds, tax increment financing, class 6(b) property tax relief and Enterprise Zone benefits. While the potential buyer could be either a developer or user, the eventual project could be either a single- or multi-tenant building, he adds. The project would have to conform to M-1-1 zoning on the property.
The Galewood-Armitage TIF Redevelopment Area is home to 100 companies that employ 4,800, Horan reports, and the area has seen new construction as well as modernizing plants.
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