Village board of trustees approved the resolution on March 1.
Village board of trustees approved the resolution on March 1.
The Mount Prospect Village board of trustees approved a resolution supporting a Class 6B tax abatement for the property at 501 W. Algonquin Road.
Lapmaster LLC, the property owner, requested support from the village as it applied for an extension of the Class 6B real property classification from Cook County.
Cook County has several tax incentives to encourage business and industrial development in the county. The Class 6B incentive is intended to encourage industrial development. Properties that qualify for the incentive are assessed at 10 percent for the first 10 years, 15 percent for the next year and 20 percent for the twelfth year after being granted the incentive. In addition to the Class 6B incentive, the local taxing authority can grant a tax abatement to encourage commercial or industrial development.
The board of trustees determined that without the Cook County property tax incentives to encourage industrial development at the site, the village would be placed at a disadvantage. The neighboring counties of Lake and DuPage could compete with the village in attracting industrial development, which could result in a loss of jobs and revenue for the village.
Alerts Sign-up