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Council approves real and personal property abatements to support industrial investment at 445 N. Sheridan
Summary
The council approved an eight‑year real property and a five‑year personal property abatement for a redevelopment at 445 North Sheridan Street that developers said will create a new 112,500 sq. ft. facility and 15 full‑time jobs; developers said buildings will be designed to be solar‑ready and exceed code where feasible.
The Common Council unanimously adopted Resolutions 25‑07 and 25‑08 on Jan. 27 to grant an eight‑year real property tax abatement and a five‑year personal property tax abatement for redevelopment at 445 North Sheridan Street.
Assistant Director Joe Molnar and representatives from Great Lakes Capital (GLC Sheridan LLC) and GTA Containers told council the project would convert an underused site into a class‑A industrial facility and include approximately $11.9 million in real property investment for a new 112,500‑square‑foot building and about $2.3 million in personal property investments. Developers said the project would create roughly 15 full‑time jobs and revitalize a West Side industrial site.
Isaac Hall of Great Lakes Capital and Igor Popov, CEO of GTA Containers, spoke in support. Popov said the project would keep the business on the West Side, preserve and expand skilled jobs and avoid shifting labor elsewhere. Hall said GLC designs its industrial buildings to be "solar ready" and to meet energy efficiency targets beyond code if feasible.
A public commenter asked for more explicit sustainability commitments, including LEED elements and rooftop solar; developers responded that buildings are designed to be solar ready and to exceed code where practicable.
Staff provided tax‑impact estimates showing that despite abatements, the development would produce substantially more tax revenue than the existing vacant or underused site over a 10‑year horizon; Molnar said the abatement makes the project viable and would increase net taxes collected compared with inaction.
Both resolutions passed without opposition, and staff said the abatements would be monitored per city procedures and that the facility will be subject to standard permitting and inspections.
