Mount Prospect backs county tax incentive for local manufacturer

Mount Prospect trustees this week recommended Cook County renew a property tax incentive aimed at keeping an industrial manufacturer and its more than 100 employees in the village.

The proposed extension of the Class 6B incentive, which now must be approved by the Cook County Board, would reduce property tax bills for the Lapmaster International facility at 501 W. Algonquin Road for the next 12 years.

The incentive reduces a property's assessment level from 25 percent to 10 percent for 10 years. The assessment than rises to 15 percent in the 11th year and 20 percent in year 12, before returning to the standard 25 percent.

Mount Prospect Community Development Director William Cooney said the village has supported several 6b incentives to attract and retain businesses over the years and backed every extension request it's received in the last five to eight years.

In a memo to the village board, Village Manager Michael Cassady said the incentive would allow Lapmaster to maintain its property taxes at about $1.30 per square foot. Without the extension, the tax bill would rise to $3.20 per square foot.

Cassady pointed out that taxes on similar properties in Lake and DuPage counties range from $1 to $1.50 per square foot.

Terry Schaul, a representative for property owner Winchester Realty Co., wrote in a letter to Mount Prospect officials that Lapmaster's presence benefits other businesses in town.

"It is more beneficial for the village to keep the building occupied with a well-established company as opposed to having a vacant building and losing the jobs," he said. "Lapmaster employees contribute to the local economy. They buy gas, eat lunch at local restaurants, grocery shop, etc."