Cook County Board Approves Four Tax Incentives Designed to Support Economic Growth
Cook County Commissioners today approved four 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: Calumet City, Chicago, Des Plaines and Elk Grove Village.
As a result of redevelopment activities, these incentives should support the creation of an estimated 31 new private sector full-time jobs, retain an estimated 147 full-time jobs and support 55 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: Ashland LLC, 14200 S. Paxton Ave., Calumet City
Type of Business: Industrial; manufacturing of chemical solutions
Description: The incentive will assist in offsetting costs planned for the facility that were delayed due to the recession, allow for expenditures to restore the production facilities and allow the company to invest in equipment on the subject property.
Type of Incentive: 6b SER (Sustainability Emergency Relief)
Estimated: 2 Full time jobs created; 59 full time jobs retained; TBD construction jobs supported
- Applicant Name: Hot Shed Ventures, LLC, 830 West 40th St., Chicago
Type of Business: Warehouse and distribution
Description: Frost Lighting Company of Illinois (Frost Chicago) an audio, visual and event production company related to the applicant will use the site to warehouse and distribute its products and equipment.
Type of Incentive: 6b
Estimated: 25 jobs created; 55 full time jobs retained; TBD construction jobs supported
- Applicant Name: Masterpiece Acquisitions, LLC, 340 Howard Ave., Des Plaines
Type of Business: Manufacturing warehousing
Project Description: Ace Computers, a related entity, will occupy the site for assembly, warehousing and distribution of computers for the government and education markets.
Type of Incentive: 6b
Estimated: 2 new full-time jobs created; 23 jobs retained; 40 construction jobs supported
- Applicant Name: Belan Star Corporation, 170 Lively Blvd., Elk Grove Village
Type of Business: Manufacturing warehousing
Project Description: Manufacturing, warehousing and distribution of balancing machinery and balancing service for industrial rotating parts.
Type of Incentive: 6b
Estimated: 2 new full-time jobs created; 10 jobs retained; 15 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.