United to repay $5.6M in incentives to Chicago

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Associated Press

Posted on November 12, 2012 at 3:01 PM

Updated Monday, Nov 12 at 3:02 PM

CHICAGO (AP) — The mayor says United Airlines will repay $5.6 million in tax incentives the company received from Chicago to redevelop its downtown headquarters.

Chicago Mayor Rahm Emanuel's office said Monday that United also will forgo nearly $10 million in additional city grant money because it is leaving the site and consolidating its premises at Willis Tower. United is no longer eligible for that money. Emanuel called United's announcement "an incredible act of corporate citizenship."

United recently extended its lease at the Willis Tower, formerly the Sears Tower, through 2028. The lease includes more than 800,000-square-feet of space in the skyscraper. The company says it will have more than 4,000 employees at Willis Towers by the second quarter of next year.

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