Developer to turn former metro-east printing facility into a huge meat-packing plant
The building that once printed the Wall Street Journal will soon be redeveloped into a meat processing plant, with more development on its way after votes from the Highland City Council last week.
The council voted to approve a new business district that has been under development for months. It expands the existing business district to include Glik Park and 34 other parcels of property and rights-of-way, including property newly annexed into the city limits.
Moran Economic Development served as consultants to develop the plan for the business district, and found deterioration of infrastructure and lack of site improvements in the area, which made it eligible for establishing a business district with a 1 percent sales tax. Revenue from the tax will be reinvested in improvements and incentives for development.
The next project underway is a redevelopment agreement with Korte Meat Processing for its $8.6 million purchase and renovation of the former Dow Jones printing plant at 915 Hemlock. Korte is currently located at 810 Deal St., and that property will likely be sold after the renovation and expansion is finished at Hemlock, according to economic and business coordinator Mallord Hubbard.
The incentive agreement is capped at $1.7 million — 20% of the $8.6 million project. Actual reimbursements will be based on 75% rebated of the 1% sales tax. The city will also rebate up to $15,000 in permitting fees.
The Hemlock property will also be located in the city’s tax increment financing district, which is a separate entity from the business district and primarily concerns property taxes rather than sales taxes.
Dow Jones moved out of the Hemlock facility in March, and now the plant will be renovated into a much larger meat processing facility than could be managed at Deal Street. There may be additional operations in the future, such as selling directly to the public at the plant, but that has not yet been decided, Hubbard said.
“It was so cool to walk in there and see the big printing press,” Hubbard said. “I just wish I could have seen it when it was running.”
The city council also voted to annex two properties on Illinois 143 and a large property across from the existing Taco Bell/KFC restaurant.
“We’re very excited about that coming in and being part of the business district,” Hubbard said.
The new owners are hoping to attract new commercial development, including a hotel and other commercial opportunities, Hubbard said.
“That could be a big opportunity for the city to continue to grow the tax base,” he added.