Five industrial businesses in Schaumburg simultaneously seeking the granting or renewal of Class 6B property-tax incentives from Cook County were recommended for approval by the village board Tuesday.
While this is an unusually high number to be applying all at once, there's been an upswing in renewal requests from businesses first granted the incentive in the early 2000s, Schaumburg Economic Development Manager Matt Frank said.
The incentive is intended to attract new business to sites vacant for at least two years.
Cook County created Class 6B to keep itself competitive with the collar counties.
But when businesses apply for a renewal after the initial 12 years, three further criteria must be applied, Frank said. The businesses must demonstrate job growth and job creation, expansion or investment in the facility, and community involvement.
Schaumburg has recommended 76 businesses for approval going back to 1988, but it received few requests from '88 to '94, Frank said.
"It's a key tool for us to attract new businesses and keep our industrial parks vibrant," he added.
The incentive lowers the level of assessment on a property from 25 percent to 10 percent for 10 years -- effectively reducing property taxes by about half during that time. The level of assessment then gradually rises during years 11 and 12 before returning to normal.
More renewal requests are probably coming in now, at the start of the year, to be ahead of reassessments by the county, Frank said.
Seeking renewals are Paddock Publications, publisher of the Daily Herald, for its 160,000-square-foot printing facility at 1000 W. Albion Ave.; Nova Fire Protection for its 20,782-square-foot site at 1530 Wiley Road; and 3D Pro's Inc. for its 7,700-square-foot building at 709 Estes Ave.
New requests are coming from LSB Transport Inc. to acquire a vacant 8,750-square-foot facility at 825 Albion Ave. and Hi-Grade Welding & Mfg. LLC to move into a vacant 76,882-square-foot facility at 140 Commerce Drive.
Since the late '80s, Cook County has denied only one recommendation for approval by the village, due to a discrepancy in the description of the business type, Frank said.