BACKGROUND

Bristol North Ventura LLC is requesting Village approval for a Cook County Class 6b Property Tax Classification renewal relative to 3933 N. Ventura Drive, consisting of two parcels of property.  The site was occupied previously by 3e Marketing Communications, but had been 100% vacant since November 2014, until re-occupation earlier this year.  In order for the new tenant, DevLinks, to remain in the building, a Class 6b property tax abatement renewal is being requested.  The Village's guidelines for Class 6b applicants are based upon 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. 

DevLinks employs 19 workers (including one part-time), with plans to grow to as many as 50 employees (one part-time) in Arlington Heights in the next three years.  The applicant does anticipate 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 retaining the businesses with a Class 6b designation, as opposed to allowing the site to become vacant, is estimated at over $260,000 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.

DevLinks is a growing company looking to set up long-term stability in Arlington Heights.  The Class 6b incentive would allow for continued re-occupancy of a 35,000 square foot industrial facility, reducing industrial vacancy while allowing a new business to grow in Village and create additional employment opportunities.  A detailed summary of the request by Bristol North Ventura LLC for a Cook County Class 6b incentive is attached. 

RECOMMENDATION

It is recommended that the Village Board of Trustees approve a resolution supporting the application for a Class 6b tax incentive for Bristol North Ventura LLC for the property located at 3933 N. Ventura Drive.  This approval is subject to compliance with all Village codes and regulations.