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) year...
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