BACKGROUND

G&J Associates d/b/a Signs By Tomorrow is requesting Village approval for a Cook County Class 6b Property Tax Classification relative to 1315-1317 E. Davis Street, consisting of four parcels of property.  This will allow them to update an antiquated facility and help this long-time Arlington Heights business grow in terms of production and employment. The Village's guidelines for Class 6b applicants are based upon employing at least 25 workers, showing financial benefit to the Village, and commitment to providing 10% of their property tax savings over the first five years towards the Zero Interest Loan program.

Signs By Tomorrow plans to grow from seven employees to 12 during the life of the incentive.  As this falls beneath the 25-worker threshold, the applicant is requesting an exemption from this requirement. The applicant expects to have a positive financial impact on the Village. In addition to the economic impact of new employment created, the applicant will be completely occupying a building that has been vacant since 2009.  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.

Signs By Tomorrow is a long-standing business in Arlington Heights, and has been under current ownership for nearly 15 years. The Class 6b incentive would allow for upgrades beneficial to the property and allow the business to grow in order to generate the planned additional employment. A detailed summary of the request by G&J Associates d/b/a Signs By Tomorrow for a Cook County Class 6b incentive is attached.

RECOMMENDATION

It is recommended that the Village Board adopt the attached Resolution Approving Certain Property to Participate in the Cook County Class 6b Assessment Incentive Program for G&J Associates d/b/a Signs by Tomorrow for the property located at 1315-1317 E. Davis Street.