NOF Grant, Tax Incentive Would Support East Garfield Park Production Studio

A $2.6 million content production studio would be built in East Garfield Park through a DPD grant and Cook County property tax incentive introduced to City Council by Mayor Johnson today.

The 7,100-square-foot Axion Flame project at 2640-46 W. Madison St. would create a state of-the-art facility for video production by Chicago content creators. Estimated to create 20 full-time and 10 part-time jobs, the project would be supported by a $1.8 million Neighborhood Opportunity Fund (NOF) grant and Class 7(b) property tax incentive valued at $313,218 in savings over its 12-year term.

The 7(b) incentive supports projects that would not otherwise be economically feasible in areas determined to need commercial development.

NOF grants are funded by fees paid by downtown construction projects in support of commercial corridor investment on the South, Southwest and West sides. Grant awards exceeding $250,000 require City Council approval.