Elk Grove OKs tax incentive to aid properties

Some towns debate teardowns in residential neighborhoods. But Elk Grove Village embraces the trend as a way to keep its large industrial park up to date.

Cook County tax incentives have become a handy way to accomplish the goal of keeping the village's business park vibrant, Elk Grove Village Mayor Craig Johnson said.

Village trustees on Tuesday night approved three such incentives to revamp vacant property.

Cook Financial Services will invest, buy and renovate three properties: 1300 Chase Ave., 1400 Chase Ave. and 1420 Chase Ave.

While they won't be tearing down the buildings, they are planning massive renovations. Cook Financial has told village officials it plans to spend $6 million to buy the property and renovate all three buildings.

The three parcels will be marketed for industrial use.

Under the Cook County 6B tax incentives, the property is assessed at 16 percent of its fair market value for 12 years. That's well below the 36 percent it would have been assessed at without the tax break.

The loss of revenue is a risk village officials are willing to take, since new development is better in the long run than a site that has gone dark.

"That's how you get fresh business, fresh dollars," Johnson said.

Trustee James Petri, who chairs the industrial/commercial revitalization commission, agrees the tax incentives are crucial to keeping the business park healthy.

The development of the three buildings will be a "good boost," Petri said.