Arlington Heights endorses county tax incentives for two businesses
Arlington Heights trustees gave their support this week to Cook County property tax breaks for two new businesses on Algonquin Road in hopes of the economic benefits they could bring to the village.
The village board approved resolutions endorsing Class 6b property tax incentives for a proposed 330,000-square-foot distribution building at 703-723 W. Algonquin Road and a Class 7c incentive for a proposed 9-story, 62-room hotel attached to the European Crystal banquet hall at 519 W. Algonquin Road.
The 6b allows property to be assessed at 10 percent of market value for 10 years, at 15 percent in the 11th year, and 20 percent in the 12th year, while the 7b provides for 10 percent for three years, 15 percent in the fourth year and 20 percent in the fifth year. Normally, properties are assessed at 25 percent.
The board approved building plans for both projects earlier this year.