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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 $350 million and the development would be expected to create roughly 2,475 jobs across the two sites, with approximately 1,291 jobs tied to the Youngs Road location.
The ask before council was a five-year, 50% abatement of the new tax increment at 3835 Youngs Road, conditioned on meeting employment thresholds. Pryor told council that because the investment will expand the tax base, the project would be accretive to city revenue even during the abatement period.
Councilmembers asked for details on job types and average wages; staff said employment would span a wide range of positions, with about 230 salaried roles and the remainder hourly positions that would be "market plus with benefits," according to presenters. Pryor emphasized the modesty of the abatement request relative to project scale: "It's 50% of the taxes for 5 years. After that, they pay full boat, and they don't get that unless they meet the employment requirements."
Several councilmembers expressed strong support, noting the reuse of large vacant industrial assets and the potential for significant local job creation; one councilmember reiterated opposition to tax abatements in principle but said the project's scale and private investment made this proposal compelling.
Council did not record a final vote in the provided transcript on the abatement resolution during the pre-council discussion.
