"It's very hard for them to expand beyond their current boundaries," sys Dina Wayne of the department of planning and development's finance division. "What it comes down to is helping S&C Electric to the kind of rehabilitation it needs to do to remain competitive."
The maker of switching and electrical products wants to increase its production capacity but is hampered by a series of buildings that average 34 years old, Wayne says, which is considered near the end of their economic life. Without tax increment financing, the 93-year-old company, which has been at its Rogers Park location since 1949, S&C Electric would likely consider a relocation out of the city.
"If there's ever any TIF that's more justified, I don't know about it," says 49th Ward Alderman Joe Moore. "This is about retaining jobs in the city."
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