Hommer Tools is requesting a renewal of a property tax abatement that was originally granted by the Board in 2002. The renewal would extend the tax abatement for a period of 12 years.  Hommer Tools anticipates expending their workforce from 41 to 48 employees over the next several years, and the tax abatement is necessary in order for the expanded workforce. The Applicant has also agreed to the Village’s requirement that 10% of the property tax savings are remitted to the Village for the first five years  to provide funding for the Village’s small business development fund.

Recommendation

It is recommended that the Village Board approve the attached Resolution Approving Renewal of Industrial Real Estate Tax Incentive for Certain Real Estate in the Village of Arlington Heights for Hommer Tools & Manufacturing.