Chicago Providing $52 Million TIF Subsidy To Republic Steel Redevelopment

Northpoint Development is getting a $52 million TIF subsidy from the City of Chicago for site work to compact steel production slag and top it with 4 feed of soil to raise foundations above the high water levels of the neighboring Calumet River before proceeding with construction of the Avenue O Industrial Park next door to Northpoint’s fully occupied Ford Supplier park near the Torrance Avenue Ford Motor production facility. When completed, the Avenue O development will cost $164 million, and encompass 2.3 million square feet of warehouse and industrial buildings spread across 196 acres of the former Republic Steel mill acquired by LTV in 1984 and closed by LTV’s bankruptcy in 2001.

Northpoint’s Tom George says the Avenue O project should generate 650 construction jobs and eventually employ 660 permanent workers.