BACKGROUND

Ronald and Marcy Mueller are requesting Village approval for a Cook County Class 6b Property Tax Classification relative to 206 W. Campus Drive, consisting of one parcel of property.  In order to be able to purchase the building and relocate their business (Suburban Trim and Glass) a Class 6b 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 commitment to providing 10% of their property tax savings over the first five years towards the Zero Interest Loan program.

Suburban Trim and Glass employs 11 full-time workers today, and plans to grow to as many as 22 employees during the life of the incentive.  As this falls beneath the Village’s 25-worker threshold, the applicant is requesting an exemption from this requirement.  The applicant also 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 2011.  Furthermore, the Village will retain the local sales taxes currently generated by the business, and benefit from any sales growth that comes from this expansion.  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. 

Suburban Trim and Glass is a long-standing business in Arlington Heights, operating in the community for over 35 years.  The Class 6b incentive would allow for re-occupancy and upgrades beneficial to a long-vacant property while allowing the business to grow in order to create additional employment opportunities.  A detailed summary of the request by Ronald and Marcy Mueller for a Cook County Class 6b incentive is attached.

RECOMMENDATION

It is recommended that the Village Board of Trustees approve a Resolution Approving Certain Property to Participate in the Cook County Class 6b Assessment Incentive Program.  This approval is subject to compliance with all Village codes and regulations.