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Hyundai Translead plans to restore two Joliet factories, bring up to 2,475 jobs; council weighs 5-year 50% tax abatement
Summary
Representatives said Hyundai Translead would redevelop two vacant Joliet industrial buildings into manufacturing space (about 2.4 million sq ft) with estimated capital investment near $350 million and an employment target of about 2,475 jobs; the council considered a five-year, 50% tax abatement tied to meeting job thresholds (1,291 jobs at the Youngs Road site).
Doug Pryor of the Will County Center for Economic Development and Shawn Kenny, CEO of Hyundai Translead, presented a proposal to repurpose two vacant industrial facilities in Joliet for expanded manufacturing.
Pryor said the combined footprint of the 3835 Youngs Road (the former Lion Electric building) and the 2200 Channahon Drive (former Caterpillar building) is about 2.4 million square feet. The project's estimated capital expenditure is approaching…
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