Mount Prospect trustees back tax break for big industrial site

Mount Prospect trustees have recommended renewing a tax incentive for one of the village's largest industrial facilities.

The village board this week approved the Class 6b tax incentive to CRP-3 West Central LLC for the industrial complex at 1800 W. Central Road.

Community Development Director William Cooney said the address is used by three major corporations, including Robert Bosch Tool Corp., Rauland-Borg Corp. and Multi-Pack Solutions.

Cooney said that at 670,000 square feet, it represents more than one-fifth of the village's total industrial square footage.

The village originally granted the 6b incentive in 1998 and renewed it in 2008. The renewal would be for an additional 12 years.

Cooney said Bosch's lease expires within a year. He said Bosch aims to renew the lease, with Bosch and the property owner intending to invest more than $2.4 million to "make it more current than it currently is" and add an estimated 150 jobs by 2020.

He also pointed out that the three tenants employ more than 1,000 workers.

Cook County must approve the 6b, a tool used frequently by Mount Prospect to retain businesses. It 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 the 6b is renewed.

Cooney noted that in this case, the entire property did not qualify for the full assessment reduction and therefore would have a "blended" assessment of approximately 19.44 percent.

With the abatement, the taxes would be maintained at $2 per square foot for their property. If the extension is not granted, the tax bill would likely rise to $2.50 per square foot. Taxes on similar properties in nearby Lake and DuPage counties range from $1 to $1.50 per square foot.