Mount Prospect backs tax incentive for manufacturer

Mount Prospect is backing the proposal for a 12-year extension of Cook County's 6b property tax incentive for LIT Industrial Limited Partnership for its property at 601-609 Dempster St.

The 6b incentives, which need final approval from the Cook County Board, reduces the property tax assessment 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.

Proponents say the incentive helps level the playing field for manufacturing and industrial properties in Cook County with those in the collar counties.

The 601-609 Dempster building is a multi-tenant warehouse/distribution facility that is home to four tenants that employ more than 220 workers. LIT asked for the incentive so it could maintain taxes at around $1 per square foot. Without the extension, the tax bill would rise to $2.50 per square foot.