CHICAGO – Saying the county is trying to work with local communities to boost the local economy, the Cook County Board has approved a series of tax incentive packages recommended by the county's Bureau of Economic Development.
County officials said they believe the tax incentives will provide approximately 112 private sector, full-time jobs; retain an estimated 324 full-time jobs; and provide 122 construction jobs. The tax incentives were approved by the city of Chicago, and the suburban city or village governments of Elk Grove Village, Lansing, Oak Forest, Schaumburg, Shiller Park and Summit.
“These tax incentives have been reviewed and approved by resolution or ordinance from the municipality in which the property is located,” said Barbara Maloof, spokeswoman for Michael Jasso, bureau chief at the Cook County Bureau of Economic Development. “If the tax incentive is defined by 'special circumstance,' or located in unincorporated areas of Cook County, the Cook County Board of Commissioners is required to approve a resolution in support of the tax incentive. Each municipality’s desire for supporting a tax incentive varies with their own redevelopment goals and priorities.”
Companies slated to receive the tax incentives include HVAC provider Trane and residential cleaning services company Stanley Steemer. Both companies will occupy space on Pershing Road in Chicago, totaling 24,950
square feet and 18,910 square feet, respectively. Another company, identified as 920 Venture LLC, received a Class 6B incentive, purportedly to support the creation of 30 full-time jobs and 25 construction positions. A company identified as Ashland Door Solutions will purportedly create eight full-time jobs, retain 12 full-time positions and support three construction jobs, the county said.
Others named as recipients of tax deals by the Bureau of Economic Development include health and fitness club Planet Fitness; beauty services provider John Amico Showroom and Business Resource Center; manufacturers Hunter Foundry Machinery Corp. and Avers Machine and Manufacturing, LLC; and baker Talerico Martin Bakery.
“The program provides an estimated 50 percent cumulative reduction in property taxes for a period of 12 years while establishing and retaining economic growth in the municipal communities of Cook County,” Maloof said. “Local municipalities decide for themselves how best to promote growth and investment in their respective communities through the use of tax incentives. The support of the local municipal government is an essential first step in the process.”
Maloof said three of the applicants have existing employees in the county, including Hunter Foundry Machinery Corp, which she said "has been in the same location of Schaumburg for over 40 years." Maloof noted others She noted the Talerico Martin bakery now occupies two sites in Summit, and plans to open a third location, while John Amico has an existing location in Oak Forest and plans to open a second location.
“Four of the applicants are new to the community: Ashland Door Solutions in Elk Grove Village; 920 Venture LLC or Its Assignee in Chicago; Hudson Avenue Capital, LLC in Schiller Park; and Lansing Holdings LLC in Lansing," Maloof said.
This isn’t the first time Cook County has provided tax incentives to businesses, as the county
recommended 354 tax incentives for approval
from 2011 to 2016.