Wayne 22, LLC is requesting Village approval for a Cook County Class 6b Property Tax Classification relative to 2616 S. Clearbrook Drive, consisting of one parcel of property.  The site was previously occupied by J.F. Schroeder Co., which closed its Arlington Heights operation in November 2021.  Since the property has not been completely vacant for over one year, the applicant is requesting “Special Circumstances” from Cook County.

In order for the new tenants, Elegante Cuisine and Breezeway International, to grow within the facility and invest in the property, a Class 6b property tax abatement is being requested.  The Village's guidelines for Class 6b applicants are based upon employing at least 25 workers, showing financial benefit to the Village, and a commitment to providing 10% of their property tax savings over the first five years of the incentive towards the Zero Interest Loan program.

The two companies employ 20 full-time and 75 part-time workers, with plans to add as many as 10 full-time and 25 part-time employees in the next ten years.  However, business ownership has stated that no more than 12-15 workers will be on the premises at one time, as most Elegante employees go directly to the site being catered and do not work at the company’s physical location. 

The applicant anticipates having a positive financial impact on the Village.  Both existing and current staff will provide direct and indirect spending to Village businesses.  Furthermore, the amount of property tax revenue gained from occupying the property with a Class 6b designation, as opposed to allowing the site to become vacant, is estimated at approximately $141,000 over the 12-year life of the abatement.  The applicant has signed an agreement to provide the Village with 10% of their property tax savings over the first five years of the abatement, in order to help fund the Zero Interest Loan program or other economic development programs as needed.

Elegante Cuisine is an established enterprise looking to set up long-term stability in Arlington Heights, while the other tenant (Breezeway International) continues to grow as a warehousing and distribution operation.  The Class 6b incentive would allow for re-occupancy of a 15,050 square foot facility, reducing industrial vacancy while allowing new businesses to grow in Village and create additional employment opportunities.  A detailed summary of the request by Wayne 22, LLC for a Cook County Class 6b incentive is attached.

RESOLUTION

It is recommended that the Village Board of Trustees approve a Resolution supporting the application for a Class 6b tax incentive for Wayne 22, LLC for the property located at 2616 S. Clearbrook Drive.  This approval is subject to compliance with all Village codes and regulations.