Cook County Board Approves Two Tax Incentives Designed to Support Economic Growth
Cook County Commissioners today approved two 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: Melrose Park and Oak Lawn.
As a result of redevelopment activities, these incentives should support the creation of an estimated 386 new private sector full-time jobs, and support 160 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:
Applicant Name: Lake MP LLC, 3120 West Lake Street, Melrose Park, Illinois
Type of Business: Real estate development for manufacturing and warehousing
Description: Applicant will lease the property to Commercial Tire Services a tire services, for warehousing and distribution of industrial and over the road tires and TRRS Corporation a tire repair and retreading company which will work synergistically with Commercial Tire Services in repairing, warehousing and distributing new and retreaded tires.
Type of Incentive: 6b
Estimated: 33 full time jobs created; 5 construction jobs supported
Applicant Name: HSG-KRE Oak Lawn Property Owner, LLC, 4101 West 95th Street, Oak Lawn, IL
Type of Business: Real estate development
Description: The Applicant owns the subject property and proposes to reoccupy and rehabilitate an existing building that has been substantially vacant since the end of 2017, and construct four new retail out parcel buildings at the project site. The Developer has signed leases with 24 Hour Fitness to take 37,100 sf of the former K-mart space. The Developer also has a signed lease with Panera Bread. Current tenants Lumber Liquidators and Pep Boys will both be vacating by the end of the year.
Type of Incentive: Class 7b
Estimated: 353 full time jobs created; 155 construction jobs supported
For more about the tax incentive programs offered by the Cook County Bureau of Economic Development, go to www.cookcountyil.gov/economicdevelopment.