A company formed by car dealer Jeff Jacobs will use the property, which includes two buildings, for storage as part of its dealership operations in the 6700 block of W. Grand Avenue. The $300,000 from tax increment financing, which will be used to excavate the north end of the site and add fencing around the property, was recommended recently by the city's community development commission.
Without the financial assistance, Jacobs might have moved its operations, which includes 16 full-time jobs and $100 million a year in sales, to a suburb offering vacant land. "It's very important for the city to support car dealers in Chicago," Jacobs says.
On the other hand, the former owner of 2148 N. Natchez Ave. got an offer from a developer for $3.9 million, contingent on the city rezoning the property for a residential project. However, the city prefers to keep industrial users, and higher-paying manufacturing jobs, in the Northwest Side pocket.
Kathy Feingold of the department of planning and development's finance division reports Jacobs originally offered the marble company $1.2 million for the property, $500,000 less than the asking price. Talks reached an impasse despite both sides moving $100,000 off their numbers, she adds.
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