Mount Prospect backs tax break for contractor's expansion

Mount Prospect officials are backing a tax incentive to help a local business demolish a vacant building in the Kensington Business Center and build a new warehouse and distribution facility on the site.

N.E. Papanicholas of Nicholas & Associates, Inc., told the village board Tuesday he plans to acquire the property at 1061 Feehanville Drive, which is located next to his business, and construct a new building by late 2016. The current building on the lot has been vacant for at least three to four years, he said, and was formerly owned by the Roscor Company.

Papanicholas said he is expanding his business, described as a full-service contractor providing construction management and design/build services. Its projects have included pool renovations for Palatine-Schaumburg Township High School District 211, expansion of two schools in Arlington Heights Elementary District 25, and the Veterans Memorial Bandshell in Mount Prospect.

"We plan on trying to use the warehouse for these new businesses that we're starting," Papanicholas said.

Cleanup of the site the company plans to build on already has begun, he said.

"What used to be an eyesore has been cleaned up 150 percent," he added.

To help make the project happen, Mount Prospect trustees on Tuesday recommended that Cook County grant the business a Class 6B property tax incentive. The 6b incentive reduces the assessment level for qualified manufacturing and warehouse/distribution facilities from 25 percent to 10 percent for 10 years, then 15 percent for year 11 and 20 percent in year 12. After the 12th year, the assessment level returns to the full 25 percent.

The Cook County Board will make the final decision on whether the company gets the tax break.

Mount Prospect Community Development Director William Cooney said the vacancy rate at the Kensington Business Center has been decreasing and is now down to about 13 percent.

Trustee Steven Polit thanked Papanicholas for "growing within Mount Prospect," noting how the company went from a building near Lions Park to one in the Kensington Business Center.