Wheeling approves tax exemption for planned industrial building

In a move to keep business in Cook County, the Wheeling village board Monday approved a tax exemption for a $17 million multitenant industrial building expected to be completed in 2016,

The 185,266-square-foot facility will be at 800 Northgate Parkway on 13.95 acres that currently sit vacant.

Wheeling Village President Dean Argiris says offering an incentive like a tax exemption keeps businesses in Cook County over neighboring Lake County, where tax rates are lower.

The 6B tax exemption means Bridge Development Partners will pay less than the standard assessment rate of 25 percent. Cook County has already approved the incentive.

Bridge's assessment rates are locked in at 10 percent for the next 10 years and will move up to 15 percent in the 11th year and 20 percent in the 12th year.

After the $17 million facility is completed, the village estimates it will generate at least $545,557 in taxes each year.

"This project is a textbook example of what the 6B was designed to accomplish to bring additional manufacturing jobs to Cook County," Wheeling Director of Economic Development John Melaniphy said.

And both the village and Bridge Development come out winners with this deal, Melaniphy said.

"Even with this reduced assessment rate, the property taxes generated would be substantially greater than they would if the property were to remain unimproved," he said.

Bridge Development Senior Director of Development Management Mark Houser says the leasing process has not started, but the space will accommodate light manufacturing, assembly, warehousing and product distribution.

Bridge Development projects the facility will bring 185 jobs to Wheeling.

"We have not seen a large spec industrial building of this magnitude in nearly two decades," Melaniphy said.