Chicago Pours a Tall One to Secure MillerCoors Deal

To sweeten the pot after luring brewing giant MillerCoors LLC to the Windy City, the City of Chicago has agreed to create a $6 million tax-increment financing deal for the firm’s new corporate headquarters at 250 South Wacker Drive.  Even with a budget shortfall nudging $500 million, the City is kicking in significant funds to bring home more than 300 new jobs.  This deal is also heartening affirmation that the frozen capital markets are starting to flow once again.

The City’s subsidy, approved by the Community Development Commission, provides 27.5 percent of the $21.8 million that MillerCoors needs to renovate its 129,122 SF headquarters on nine floors of the 14-story building.  During 2006, 250 South Wacker Drive was renovated to replace or update all infrastructure systems.  The structure now boasts an energy-efficient “Chill Beam” HVAC system and low-e glass, and qualifies as a next-generation green building.

Last July, MillerCoors – a joint venture of Molson Coors Brewing Co. and SABMiller PLC – chose Chicago as the headquarters of its merged operations that previously had headquarters in Milwaukee and Denver.  The agreement requires MillerCoors to employ at least 325 employees at its headquarters within five years.