Cook County approves tax incentives for projects in Elk Grove, Rolling Meadows
The Cook County Board of Commissioners recently approved a Class 6b property tax incentives for development projects in Elk Grove Village and Rolling Meadows.
Young Ai Choi received the incentive for property at 1180 Pratt Blvd. in Elk Grove Village, which will be leased to A.V.C. Tech, Inc., for its operations consisting of the light assembly, maintenance, warehousing, and distribution of consumer electronics.
DiCarlo Construction, Inc. received the incentive for property at 4000 Industrial Ave. in Rolling Meadows. The company will use the building for warehousing and light assembly of sewer, water, or drainage construction and repair needs for commercial and residential developers.
The 6b incentive is intended to help make commercial and industrial properties more competitive with those in the collar counties. After a site receives 6b status, property is assessed at 10% of its market value for 10 years, 15% percent in the 11th year, and 20% percent in the 12th year, before returning to the normal 25%.