Schaumburg recommends tax break for charity's growth
Schaumburg trustees have unanimously recommended the Cook County Board's approval of a Class 6B tax incentive for a developer planning a new building for the charity Feed My Starving Children and another tenant.
The recommendation was made Tuesday at a committee-of-the-whole meeting. It must be voted on again at the village board meeting Tuesday, June 26, before being forwarded to the county board.
Developer 2KWRF LLC wants to construct the 49,900-square-foot industrial building at 740-780 Wiley Farm Court. Feed My Starving Children would occupy 75 percent of the structure and a second tenant would occupy the rest.
The incentive effectively cuts property taxes in half for 10 years before gradually returning them to normal over the next two years.