CHICAGO — The Cook County Board of Commissioners has officially put its stamp of approval on four proposals from the county’s Bureau of Economic Development that would grant tax incentives to select local businesses.
In Countryside, Des Plaines and Elk Grove Village, certain employers will receive what local officials call “Class 6B” incentives. Class 6B incentives seek to promote industrial development throughout the county by granting real estate tax incentives for companies that build new industrial facilities, fix up existing ones or put abandoned buildings to use, according to the county.
The county projects the incentives will help create 107 new full-time private sector jobs, keep 25 full-time jobs and “support 125 construction jobs,” according a statement issued by the county.
“The companies receiving these incentives have demonstrated their commitment to our communities and residents,” Toni Preckwinkle, president of the Cook County Board of Commissioners, said in the statement. "I’m pleased that we are able to use our tax incentive tools to either keep or expand businesses in Cook County.”
Cook County Board President Toni Preckwinkle
According to a Class 6B eligibility bulletin from the assessor’s office, Class 6B properties are assessed taxes at 10 percent of their market value for 10 years and 15 percent of their market value for another year after that, before reverting to a 20 percent rate in their 12th year.
According to a release from the county, businesses selected to receive the incentives are ideintified as: 5300 Dansher Road LLC , 5300 Dansher Road, Countryside; AP Asset Management LLC, 1794 Winthrop Drive, Des Plaines; DCT Industrial Partnership, 2393 Wolf Road, Des Plaines; and Exeter Operating Partnership, 1300 Pratt Blvd., Elk Grove Village
“Economic development is one of our critical policy areas,” Frank Shuftan, a spokesman for Preckwinkle, told the Cook County Record.
Shuftan said that tax incentives that boost business are vital for economic development efforts.
“Tax incentives that allow us to assist in job creation and sustaining businesses are an important tool at our disposal,” he said.
It is unclear, however, if similar tax incentives will be granted in other communities.
“Local units of government have to approve these incentives before they are considered by staff and recommended to the board,” he said.