United to return $5.6 million in city incentive funds
STAFF REPORTS November 12, 2012 9:48AM
Updated: December 14, 2012 6:13AM
United Airlines said Monday it will repay $5.6 million in economic development incentives it received from the city to redevelop its corporate headquaters at 77 W. Wacker. The company also said it will forgo up to $9.7 million in additional potential city grant funds that it will no longer be eligible to receive because it is leaving the site.
United recently redoubled its commitment to Willis Tower, extending its lease through 2028 in one of the largest office space commitments in Chicago’s history. The company has added 205,000 square feet to its existing lease of about 625,000 square feet in the iconic Chicago building.
The company will consolidate its headquarters and operational center in Willis Tower and will have over 4,000 employees there by the second quarter of 2013, including the 1,300 that the company committed to moving to Chicago alongside Mayor Rahm Emanuel in June 2011.
Last year, the city received TIF funds back from CNA, Bank of America, and CME group, for a total of approximately $34 million.