MillerCoors to get $6 million in TIF money for HQ

By Eddie Baeb, March 10, 2009

(Crain’s) — The city approved $6 million in tax-increment financing for beermaker MillerCoors LLC’s new Chicago headquarters, which is to employ more than 300 people.

MillerCoors chose 250 S. Wacker Drive for its headquarters.

The city’s subsidy, which won approval Tuesday from the Community Development Commission, will provide 27.5% of the estimated $21.8 million that MillerCoors will spend to renovate its new headquarters at 250 S. Wacker Drive.

“We are pleased to see these plans come to fruition,” Christine Ragusa, the city’s acting commissioner of the department of community development, says in a press release. “Not only did Chicago get chosen over Dallas, Tex., in the competition for these headquarters, but our city stands to benefit from the jobs this company will bring and the new life it will bring to an office building that has experienced a high vacancy rate.”

As part of the agreement, MillerCoors is to have at least 325 employees in the headquarters five years years from now. The company has agreed to a 15-year lease for 129,122 square feet, slightly more than half of the 14-story building, the staff report says.

MillerCoors, in addition to renovating its new offices, which take up the top nine floors of 250 S. Wacker, will also install new fencing and landscaping to the river walk area just west of the building.

When MillerCoors first announced it had chosen Chicago, it was expected the state would provide an economic package worth about $18 million while the city would give $2.5 million to $5 million in TIF funds.

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Lview G. wrote:

Yet another reason the city is projecting a $200m shortfall for next year. Our politicians are spending like drunken sailors at all levels of government - when will voters send them a clear message it's time to end?

3/10/2009 9:58:21 PM

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Daniel M. wrote:

Absolutely ASININE!!! I agree wholeheartedly with previous comment. City of Chicago and lead blubberer Daley will continue to cry poor...and say the public must sacrifice in these economically troubled times, while simultaneously shoveling money from his slush fund (TIFS) to corporations who do NOT need a hand-out.
If you live in the city...and continue to be an apologist for Daley ("he keeps the city clean!!!" should be the usual refrain), you are an IDIOT.

3/11/2009 12:14:03 PM

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