Village recommends tax incentive for Elk Grove Technology Park
Elk Grove Village has recommended a tax incentive for a new $1 billion technology park ahead of a groundbreaking ceremony next week.
The village board voted this week to give Elk Grove Technology Park a property tax break for 85 acres at the former Busse Farm between East Higgins Road and Oakton Street. Cook County must give the developers, Rosemont-based Brennan Investment Group, final approval for the tax incentive.
Gov. Bruce Rauner, Brennan Investment Group executives, county commissioners and village leaders are expected to attend a groundbreaking ceremony at 2 p.m. Wednesday.
The county tax incentive is called a 6b classification. It lowers the assessed value of an industrial property to 10 percent for 10 years, 15 percent the 11th year and 20 percent the 12th year before returning to the normal assessment rate of 25 percent.
The final development will have about 1.2 million square feet available in nine speculative facilities for industrial users, including robotics, manufacturing and data centers. The first phase will include about 566,000 square feet of space on the western side of the property. The second will include constructing about 660,000 square feet of space on the east side.
The first space will be available in the first quarter of 2019, company officials said.