Cook County Board Approves Three Tax Incentives Designed to Support Economic Growth
Cook County Commissioners today approved three proposals from President Toni Preckwinkle’s Bureau of Economic Development (BED) that will provide tax incentives to businesses in Cook County.
The incentives, which will either create new or save existing jobs, were approved in the following communities: Crestwood, Mount Prospect and Schaumburg. One of the manufacturing companies that received an incentive services clients globally.
As a result of redevelopment activities, these incentives should support the creation of an estimated 15 new private sector full-time jobs, retain an estimated 195 full-time jobs and support 32 construction jobs.
“The companies receiving these incentives have demonstrated their commitment to our communities and residents,” Preckwinkle said. "I’m pleased that we are able to use our tax incentive tools to either keep or expand businesses in Cook County.”
Details on the incentives follow, listed by municipality:
• Business Name: Constantine, LLC Series, 14301 S. Cicero Ave., Crestwood
Type of Business: Family dental care
Project Description: The applicant is expanding his business and intends to occupy the building with his dental business.
Type of Incentive: Class 8
Estimated: 15 new full-time jobs created; 80 full-time jobs retained; 2 construction jobs supported
• Business Name: Crew of 5 Holdings, 1250 Feehanville Road, Mount Prospect
Type of Business: Warehousing
Description: Uses space for warehousing and distribution to fulfill on-line shipments.
Applicant leased approximately 22,000 square feet for approximately 10 years and has relocated its operations within Mount Prospect to the larger, approximately 37,000 square foot building at 1250 Feehanville Road. A warehouse portion of the building will be a Class 6b and the commercial portion will be a Class 7c, approved by the Cook County Economic Development Advisory Committee (EDAC) on March 27, 2018.
Type of Incentive: Two - Class 6b warehouse portion; and 7c commercial portion
Estimated: 65 full time jobs retained; 30 construction jobs supported
• Business Name: PM Mold, 736 Estes Ave., Schaumburg
Type of Business: Manufacturing
Description: Manufacturing, assembling, packaging, warehousing, and shipping of plastic injection molds and products for the automotive, military, industrial, aerospace and agricultural industries globally.
Type of Incentive: Class 6b SER (Sustainable Emergency Relief)
Estimated: 50 full time jobs retained