Vernon Hills tech company moving to Buffalo Grove

Buffalo Grove is having success in building its burgeoning industrial base. The village recently inked an economic incentive agreement with Business IT Source (BITS), which is moving its Vernon Hills headquarters to 850 Asbury Drive in Buffalo Grove.

BITS is a computer hardware and services company that provides IT infrastructure to the commercial sector.

BITS will enter into a six-year lease for 39,000 square feet of office and warehouse space. The economic incentive agreement is expected to begin in April and lasts up to six years. The village would share 75 percent of its home rule retail sales taxes with BITS for the first $40 million in annual taxable sales it receives. It will share 100 percent after that. The village would retain 100 percent of retailer's occupation taxes