Schaumburg's finance committee has recommended two companies be considered for a Cook County property tax incentive to help them move into vacant industrial buildings in the village.
Elegant Event Lighting and Redlok Productions, Inc., both of which are already located in Schaumburg, are requesting consideration for Cook County's Class 6B tax incentive to expand at new locations.
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Elegant Event Lighting wants to move into the 8,000-square-foot building at 630 Morse Ave., previously occupied by Inland Press Service.
The company provides DJ entertainment services and manufactures draperies and other products for weddings and other events. Its plans include transferring five full-time and 10 part-time employees from its existing Schaumburg location and hiring at least one more full-time and 10 more part-time employees.
Redlok Productions, currently at 718 Morse Ave. in Schaumburg, wants to move to the 12,000-square-foot building at 610 Estes Ave., formerly occupied by Imico Inc.
Redlok makes props and promotional materials for conferences, trade shows, concerts and other events. The company plans to invest in nearly $500,000 in new equipment, transfer two full-time and one part-time employees, and hire 10 more full-time and seven more part-time employees.
Schaumburg Trustee George Dunham, who chairs the finance committee, said officials are confident both companies meet the industrial definition required to receive the Class 6B incentive.
The temporary tax break aims to make industrial properties in Cook County which have been vacant and on the market for at least two years competitive with comparable sites in surrounding counties. The incentive reduces the level of assessment on a property from 25 to 10 percent -- effectively cutting property taxes in half -- for 10 years. The level of assessment then gradually rises over the next two years before returning to normal.
For Elegant Event Lighting, Class 6B is estimated to reduce the annual property tax bill from $24,981 to $12,808 at current rates. For Redlok Productions, the estimated reduction is from $64,454 to $24,981.
Schaumburg's village board is expected to consider the recommendation at its June 24 meeting. If trustees agree with the recommendation, the request goes to the Cook County Board for final approval.
Schaumburg has recommended approximately 80 Class 6B incentives since 1988. Only one of these was denied by Cook County, due to a discrepancy in the description of the business, Schaumburg Economic Development Manager Matt Frank said.