Elk Grove Village tax break will bring in businesses

Vacant buildings in Elk Grove Village's business park will soon turn into dollar signs, thanks to Cook County tax breaks.

Village trustees Tuesday night approved four 6B tax incentives, which allows the properties to be assessed at a much lower rate for 12 years.

Instead of being assessed at 36 percent of its fair market value, property granted Cook County's 6B status is assessed at 16 percent.

Stanton Mechanical won a tax break for vacant property at 176 Gaylord St.

Gemstone Real Estate Partners will refurbish property at 1225-1331 Greenleaf Ave. Then, the property will be leased to a high-tech assembly and distribution company.

Airgas North Central will put a new building on vacant land at 1601 Nicholas Blvd.

Realty Associates Fund VIII will add a FedEx facility at 951 Fargo Ave.

The four projects will cost a combined $16.5 million.

"This is a strong sign to show how strong our business park is doing," Mayor Craig Johnson said.

Johnson said the four projects would add more than 200 new full-time jobs to the village.

On Tuesday, trustees also approved a $40,000 project to create new economic development videos to promote the village to businesses.

Program Productions, Inc. of Lombard will do the work.

Trustee James Petri said the previous video had worked well, so creating an updated DVD is expected to bring similar results.