Des Plaines recommends tax break for $12.5 million industrial building
Des Plaines has recommended a tax break for a Chicago developer that plans to demolish two industrial properties and construct a $12.5 million building at the site.
Aldermen voted unanimously this week to recommend Cook County approve a 6b property tax incentive for Core Acquisitions. The tax break is intended to spur industrial growth on vacant or blighted properties.
The company wants to raze two buildings at 1600 to 1700 Sherwin Ave. and replace them with a nearly 162,000-square-foot facility. It will be divided for three future businesses for warehousing and distribution, though those haven't yet been identified. Core Acquisitions expects the tenants will bring at least 50 jobs.
"The problem we have with Des Plaines is we have a lot of tired industrial buildings," said Community and Economic Development Director Mike McMahon. "Taking these down and putting in a modern space like this -- I'm sure they'll be able to find an end user."
Shawk USA, the company at 1600 Sherwin Ave., has moved to a building at 1695 S. River Road. The city is still working with Jacobs Communications, at 1700 Sherwin Ave., to relocate within Des Plaines, officials said.
If county officials approve the 6b incentive, the property will be taxed at 10 percent of market value for 10 years, 15 percent the 11th year and 20 percent the 12th year, before returning to the normal rate of 25 percent.