The Joliet City Council this week approved a property tax break for a new Hyundai Translead factory, that will nevertheless bring more tax revenue and jobs into the community.

Hyundai Translead, which makes trailers and other accessories for semitrailers, is bringing manufacturing operations to two former production facilities in the Joliet area.

The company will create nearly 2,500 manufacturing jobs in the Joliet area.

The City Council on Tuesday gave its OK to a property tax abatement for the factory on Youngs Road that is within the city limits.

The 50% tax abatement only applies to the increase in property taxes that will be assessed to the property as Hyundai improves it for production use.

That means tax payments on the property will go up even as the abatement is applied,

“Even during the abatement period, the tax revenue goes up pretty significantly,” said Doug Pryor, president and chief executive officer for the Will County Center for Economic Development.

Pryor has advocated for the tax break for the new Hyundai operations.

Hyundai will operate out of two buildings. One is in the former Lion Electric plant on Youngs Road, which is in Joliet city limits. The other is in the former Caterpillar plant at a Channahon Road location outside the city of Joliet.

The Joliet City Council on Tuesday approved a 50% abatement on increased property taxes on the city’s share of the property on Youngs Road.

The Joliet approval comes after previous approvals from Will County, the Troy Grade School District 30C and the Minooka High School District.

Approvals are still pending from the Joliet Junior College and Joliet Township High School District 204, Pryor said.

“Hyundai Translead’s decision to grow in Joliet reflects the confidence companies have in our city’s future,” Mayor Terry D’Arcy said in a released statement.

Operations at the Youngs Road facility are expected to begin later this year.