TO: Mayor and City Council
FROM: Dustin Anderson, Community Development Director
SUBJECT:
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Resolution Approving a Property Tax Abatement at 3835 Youngs Road, Joliet, IL 60434 for HYUNDAI Translead, Inc.
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BACKGROUND:
HYUNDAI Translead, Inc. is considering a new production facility in the United States. This production facility will focus on trailer equipment manufacturing, including the production of dry and refrigerated trailers and truck bodies. To make the project financially feasible, the company is requesting a property tax abatement from the city of Joliet, and other taxing bodies.
Sites in multiple states have been contemplated for this project, including a site in Tennessee and two sites in Will County, Illinois, one of which is in Joliet. In total, the Will County sites would represent 2.4 million square feet of property dedicated to support production and distribution operations. The Will County sites currently under consideration are:
• 3835 Youngs Road, Channahon, IL 60410.
o The building is located in the City of Joliet but has a Channahon mailing address.
• 2200 Channahon Road, Joliet, IL 60436.
o The building is located in unincorporated Will County with a Joliet mailing address.
3835 Youngs Road is a 905,517 sq. ft. building located on 45.45 acres (PIN 04-10-03-401-004-0000), and the developed parking lot is on 14.38 acres (PIN 04-10-02-301-001-0000). The project area for this site will also include two undeveloped parcels totaling 10.1 acres to the northeast and southeast of the building (see Exhibit A for additional details).
Joliet City Staff have been working closely with multiple Illinois government agencies and organizations, specifically the Will County Center for Economic Development (CED). HYUNDAI Translead completed a Will County Property Tax Abatement Program application (Exhibit B). The CED completed its evaluation of the application using the program criteria, which recommends a 50% abatement for five (5) years on the project. The estimated abatement from the City of Joliet is approximately $65,545 per year. The expectation is that this project will be accretive to the taxing bodies even during the abatement period due to the capital investment in the properties.
If approved, the project is anticipated to begin operations later in 2026. In addition, the project is strongly supported by the State of Illinois, with approval in place for the Economic Development for a Growing Economy (EDGE) program and approval pending for the High Impact Business program for 3835 Youngs Road.
HYUNDAI Translead estimates a capital investment of $148 million, the creation of 1,291 new jobs at full operational capacity, and approximately $1 million in property taxes annually at the 3835 Youngs Road site. The company would have to show proof of the following to receive the annual property tax abatement:
• $148 million in capital investment by the completion of the project.
• Employment numbers:
o Year 1 - 113 employees
o Year 2 - 1,001 employees
o Year 3 - 177 employees
On Wednesday, March 18, 2026, the Land Use & Economic Development Committee recommended this item for City Council approval.
CONCLUSION:
HYUNDAI Translead plans to invest $148 million in capital expenditures at the 3835 Youngs Road facility, which is currently vacant, and to create 1,291 new jobs at full capacity. To make the project financially feasible, the company is requesting a property tax abatement from local taxing bodies, including the City of Joliet. The proposed property tax abatement at 50% for five (5) years would add to an approximate total of $327,725 during that period.
The applicant will have to comply with the minimum amount of capital investment, employment numbers, and be compliant with all state and local regulations to receive the annual property tax abatement.
RECOMMENDATION:
recommendation
Based on the above, it is recommended that the City Council approve a Property Tax Abatement at 3835 Youngs Road, Joliet, IL 60434 for HYUNDAI Translead, Inc.
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