NanoInk to net $1M financing from Chicago

Feb. 6, 2003 — NanoInk Inc., a Chicago-based developer of nanoscale fabrication platform processes, is close to securing $1 million in tax increment financing (TIF) from the city of Chicago.

Chicago’s City Council approved the financing Wednesday, according to a company news release. NanoInk will use the funds to renovate a three-story, 44,000-square-foot building that will serve as NanoInk’s world headquarters and include both office and lab space. Currently, NanoInk maintains offices in the building but is leasing separate lab space.

According to a company spokeswoman, NanoInk had been considering moving to California, where it operates a MEMS facility. She said the company will receive half the funds when the deal closes and the other half upon completion of the renovation. The company expects final closing on the deal to take place in early March.

The TIF program is administered by the city of Chicago and provides financial incentives to stimulate private investment in areas where it is difficult to attract development. Funding comes from increases in incremental tax revenues that occur as a result of new construction or rehabilitation.


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