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Page two.. a * 0
Dr. Thomas Rich
December 24, 1987
The estimated cost of their 75,000 square foot building would be approximately $3.5
million. The total cost of land and building and off-site improvements would
approach $4.5 million.
During my discussions with the principals of Stenograph Corporation, they indicated
their primary choice at this time is the Kensington Center site, however, they have
also located a site in southern Lake County. Because of the tax situation in Lake
County, if they are not able to obtain the Class 6b rating of Tax Incentives in
Mount Prospect, they they would definitely relocate to Lake County.
The Village Board will discuss this at their Committee of the Whole meeting on
January 12, at 7:30 p.m., in the Senior Center. Should you have any questions
before -hand, please contact me. There will be representatives of Stenograph
Corporation and Opus present at that meeting. The Board has not been approached
in the past to establish a policy on whether or not we would approve a Class 6b
definition. This is the first time the Board will be discussing this matter*
Sincerely yours,
FULTON DIXON,
Village Manager
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TROP TTY TAX It N T'IVTS
FOR COMMEF ND INDUSTRY IN COOK COUNTY
Cook County now has a revised and ex-
These incentives are designed to encourage
panded property tax Incentive program for busi-
industrial and commercial development county-
nesses wishing to develop new facilities or to
wide, to stimulate the revitalization of
expand existing facilities. The new program,
communities suffering economic stagnation,
proposed by Assessor Thomas C. Hynes and
and overall to maintain and increase job
approved by the Cook County Board of Com-
opportunities.
missioners, also extends relief to reoccupied
industrial and commercial properties that have
been vacant for 24 continuous months. The
program allows for reduced property tax
assessment levels in four categories, deter-
mined either by use or by the combination
of use and location.
Any newly developed, substantially rehabilitated, or
Without an incentive, the standard level of
reutilized industrial facility located anywhere in Cook
assessment for industrial and commercial real
County is entitled to:
estate is as follows:
Year Industrial Commercial
a 30% assessment level for 8 years.
1986 39% 39.510
1987 38% 39%
The business applies for this incentive directly to
1988 37% 38.5%
the Cook County Assessor.
1989 36% 38%
0 0 on ONE No
0001 son on
....... ....
1,410 . .. ... ...
-----------------
Any newly developed, substantially rehabilitated, or
reutilized industrial facility used primarily for manu-
facturing purposes or located in a state Enterprise
Zone may receive:
a 16% assessment level for 8 years,
followed by a 30% level for the next
4 years.
The business, applies for thss Incentive directly to
the Cook County Assessor, In addition, a'pproval
from the municipality where the facifity will be
located is required.
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Summary of Cook County Property
Tax Incentive Program - Page Two
When an approved project involves either a new development or
ceutilized facilities, both the assessment on land and improve-
ments will receive the tax incentive indicated above. Facilities
substantially rehabilitated may apply the tax incentive only to
the value added to the improvements.
Village approval of Classes 6b, 7 and 8 is required. This should
allow the Village to monitor the degree of public assistance a
project is receiving. Since the village will not normally know
when a Class 6a certification has been applied for or granted, we
should be cautious about approving TIF, tax abatement programs or
other local property tax incentive programs to industrial
projects.
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