The project already has been earmarked for $10.5 million in tax increment financing assistance, which was briefly questioned by 42nd Ward Alderman Burton Natarus before the planned development was endorsed by the plan commission Thursday. However, Steve Patterson of the department of planning and development notes the city-owned site generates no property tax revenue now, has been vacant for several years and its redevelopment will keep filming operations in the city, rather than locales outside the US such as Toronto.
"This will strengthen a segment of the economy that has been struggling for several years," Patterson says.
Central City Studios is paying $1.1 million for the site, its appraised value. The facility will be managed by Santa Monica, CA-based Raleigh Enterprises. Steven Allison of Central City Studios adds the project should be a catalyst for additional development in the North Lawndale community, bring 1,250 jobs to the neighborhood, with many of them going to local residents.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.