The city agreed last year to help finance the business center with $13.4 million in tax increment financing. That investment in the $400 per sf rehab is expected to yield $16 million in new property taxes over the life of the TIF, according to the Department of Planning and Development. Illinois Institute of Technology agreed to lease 26,000 sf at $24 per sf, having also agreed to sell the building for $2.3 million to the developer plus a 55-year ground lease.
The University Technology Park's business incubator already has lured five tenants since its opening last fall. Maryland-based Wexford Science & Technology has signed leases with Sun Phocus Technology LLC, All Cell Technologies LLC, Cleversafe, Network Black Box and Air 2 Access.
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