Stalled Schaumburg hotel project gets extension on permit fees
A financially stalled project to build the 31st and 32nd hotels in Schaumburg is still alive and has been granted an extension by the village board to seek building permits at the originally agreed 2017 rates.
Developer Equityroots Holdings LLC already has received approval from the village and a Cook County Class 7C tax incentive to build a Holiday Inn and Holiday Inn Express on a 5.3-acre site it bought in 2015 just south of the Chicago Marriott Schaumburg on Martingale Road.
Though the original plan was to build the 40-room Holiday Inn and 87-room Holiday Inn Express simultaneously, village officials gave permission last August for the latter to be constructed first to generate money to build the former.
As delays have continued, trustees this week extended the 2017 building permit rates to April 28, 2021, for the Holiday Inn Express and to April 28, 2023, for the full-service Holiday Inn.
However, a condition of the Class 7C tax incentive that remains is that it will not take effect until both hotels are operational.
The five-year tax break allows for a reduced assessment to keep approved commercial enterprises competitive in Cook County.
While such properties are normally assessed at 25% of market value, the 7C incentive would reduce the assessment to 10% for the first three years, 15% in the fourth year and 20% in the fifth before then returning to normal.