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CHICAGO-The Construction and General Laborers' District Council of Chicago will get $5.3 million in tax increment financing assistance to help build a 55,000-sf, $21.1-million training facility at 1841 N. Monitor Ave. The money will help the union acquire 23.8 acres in Galewood Yards, an area the surrounding community has fought to keep industrial in nature.
The union has a 78,000-sf training center in west suburban Carol Stream, where more than 4,000 members a year learn skills of the trade. The building the Austin neighborhood will serve more than 1,500 aspiring tradesmen a year, but eventually could handle 3,000 a year.
Vacant for more than 20 years, the property along Metra commuter rail tracks will include areas where the union can simulate construction sites in addition to the 55,000-sf masonry and glass building where additional training sessions can be conducted.
The union plans to borrow about $13.3 million to build the training center, and put in about $2.5 million of its own equity. The tax increment financing assistance, endorsed Tuesday by the community development commission, will be recouped from an estimated $595,000 in additional property tax revenue, says Nora Curry of the Department of Planning and Development. "It's a great opportunity," says 29th Ward Alderman Isaac S. Carothers. "I applaud the union for wanting to come into Chicago."
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