Finkl Got Land For Free, Wants $20 Million

As reported in ChicagoRealEstateDaily.com:

Steelmaker A. Finkl & Sons Co. is seeking a $20-million subsidy from the city to help pay for its new South Side plant, which will replace the company’s longtime headquarters on the western edge of Lincoln Park. Finkl plans to use the $20 million in tax-increment financing to fund the $150-million project on the former Verson Steel site at 1355 E. 93rd St., a company spokeswoman says. Finkl, which has outgrown its current factory at 2011 N. Southport Ave., picked the Verson site for its new home in 2008 after mulling a move to Canada.

The city already gave Finkl 13 acres on the South Side for $1. Now they want $20 million for their move. What was wrong with their old site? Should the City get an equity stake for this money?

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