Hoffman Estates recommends tax incentive for proposed technology park
Hoffman Estates officials are recommending the Cook County Board approve a Class 6B tax incentive for a proposed "Hoffman Technology Park" that would lie just north of the recently approved Bell Works redevelopment of the former AT&T campus along Lakewood Boulevard.
Plans for the 53-acre site were first presented last month by developer BK Equities, which is led by former executives of Rosemont-based Colliers International.
In requesting the recommendation for the tax incentive, they said such things are a given in today's market to make projects affordable and that even their ability to attract tenants in this case would be dependent on it.
Village planners backed up the developer on that point, adding that the firm is agreeing to go beyond the village's codes and requirement in its design of a new appearance for Lakewood Boulevard.
Hoffman Estates Economic Development Director Kevin Kramer told village board members that the requested 12-year property tax break is the same as others the village has supported for earlier projects. The only difference in this case, he added, is that the proposal is for a spec development rather than one for specific users.
The four potential buildings of the technology park would range in size from 121,000 to 225,000 square feet and total 670,000 square feet. The developer said because they are being built speculatively rather than to-order, they should be more adaptable to different users over time if necessary.
"I think it looks like a great proposal," Hoffman Estates Trustee Gary Pilafas said.
South Barrington Village President Paula McCombie, who attended the Hoffman Estates meeting at which the incentive was recommended, said she's also happy with what she's seen of the proposal for land near her own village.
Representatives of BK Equities said they hope to close on their purchase of the site in August and begin seeking formal approval of the project itself in September. If that time frame holds true, the first building could be completed by late summer of next year.
The tax incentive BK Equities is seeking essentially cuts property taxes in half for 10 years. The taxes then gradually increase during the 11th and 12th years before returning to normal.
The Class 6B incentive is offered by Cook County as a way of making certain industrial developments competitive with those in collar counties.