Mount Prospect OKs property tax break for Irv's Luggage

The extension of a tax incentive agreement would ensure a Mount Prospect business won't be packing its bags anytime soon.

The village board this week recommended continuing a 6b tax incentive for the property at 2200 S. Busse Road, owned by DP Realty Partners LLC. It is best known as the location of Irv's Luggage.

The approximately 40,000-square-foot facility is also occupied by another tenant, Flash Co, which takes up 7,000 square feet in the rear and manufactures roof flashings for roofing contractors.

Irv's, a 69-year-old family-owned and -operated business, has been at the location for more than 10 years and has 39 employees, said Mount Prospect Community Development Director William Cooney.

The original 6b was granted in 2006. The new 6b, which also needs approval from Cook County, would extend that tax break for another 12 years.

The 6b incentive reduces the assessment level for qualified manufacturing and warehouse/distribution facilities from 25 percent to 10 percent for the first 10 years, 15 percent for year 11, and 20 percent in year 12. After year 12, the assessment level returns to the full 25 percent, unless renewed.

With the extension, Irv's will maintain its taxes at around $1.34 per square foot, as opposed to $3.45 per square foot without it. Similar properties in nearby Lake and DuPage County range from $1 to $1.50 per square foot.

Irv's Luggage President David Wein thanked the board. "These are really challenging times for specialty retailers like us. As a small company, we experience the difficulties of doing business in the shadow of Amazon and other large retailers."

Wein, who noted that Irv's first Mount Prospect store opened at Randhurst in 1981, said, "Investing in local businesses like ours that contribute to the tax base helps us remain competitive, so we can keep our doors open for business."

Trustee Paul Hoefert said he has shopped for luggage in the store on several occasions and "if you can't find what you need there, you're probably not going to find it anywhere."

Wein said his luggage repair business has expanded to five work benches, with people coming from as far away as northern Wisconsin.

"All these guys do is repair baggage. We are like the last of the Mohicans when it comes to baggage repair. And you would be amazed how far from outside the community people travel."