Illinois Entrepreneur Has Big Plans For East ChicagoPosted: Updated:
A nearly $70 million plan to redevelop a vacant industrial site in East Chicago could lead to 800 factory and warehouse positions. MZG & Associates wants to create an industrial park on a former Union Tank Car Co. site. Our partners at The Times of Northwest Indiana reports it could involve a steel company moving from Illinois to East Chicago because of Indiana's more favorable tax climate.
LB Steel and the development company are owned by Michael Goich.
City Corporation Counsel Joseph Allegretti tells the newspaper Goich wants to move from Cook County, Illinois to the Hoosier state because of the business climate and tax rate.
If the move takes place, the steel company is expected to employ up to 450, including 200 East Chicago residents.
The hope is the industrial park would also attract other manufacturers and distribution companies.
East Chicago Mayor Anthony Copeland is seeking a tax increment financing district for the area.
That decision rests with the city council.
Source: The Times of Northwest Indiana