Elk Grove Village public hearing on industrial park TIF

According to Journal Online, Elk Grove Village has scheduled a public hearing for 6pm on Tuesday February 11, 2014 to present the proposed tax increment financing (TIF) district in the village’s 60 million SF industrial park.  Grants, low interest or no interest loans would be available to businesses through TIF revenue to update buildings with higher docks, reconfigured off-street loading and improved facades and fire suppression systems.

Unfortunately what is not being reported is that industrial properties located within the TIF district will be unable to receive a Cook County 6b tax reduction.  The 6b is an important tool for industrial building owners in Elk Grove Village to maintain market value of their properties as they compete with lower property taxes in adjacent DuPage county.

In my opinion the 6b is a far better tool for owners to save on operating expenses that can be reinvested into their properties.

Village officials are expected to adopt the new TIF district at their Tuesday, February 25th meeting.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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New 6b tax amendments proposed by Cook County

Published in the October 2013 issue of Chicago Industrial Properties, attorney Brian Liston discusses in his article “New 6b tax amendments proposed by Cook County” how new amended law now provides additional ways to receive the Cook County 6b tax benefit for industrial properties which reduces the property tax by 60%  for the first 10 years of the incentive, 40% for the 11th year and 20% for the 12th year:

  • Temporary Emergency Economic Recovery Modification (TEERM) Program which revises the prior 2-year vacancy with the same title owner to only 1-year vacancy if it is not purchased for value by a third party.
  • Sustainable Emergency Relief (SER) Program for businesses operating in the same location for at least 10 years showing hardship.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Omnichannel retailing strengthens the supply chain

Published in the October 28, 2013 issue of the Daily Herald Business Ledger, Adam Marshall describes how omnichannel retailing is evolving to quickly and cost effectively deliver products from manufacturer to consumer through multiple channels and how companies compete on the strength of their supply chain:

Daily Herald Business Ledger – Omnichannel retailing strengthens supply chain

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Chicago Metropolitan Agency for Planning gives thumbs down to Illiana Corridor

Chicago Tribune reported today that Planners give thumbs down to Illiana Corridor.  The proposed 47-mile tollroad would connect I-55, I-57 and I-65 between Wilmington, Illinois and Cedar Lake, Indiana.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Federal Highway Administration Approves Illiana Corridor B3 to connect I-55 and I-65

The Federal Highway Administration (FHWA) approved corridorB3 on January 17, 2013 as the selected corridor in the Illiana Corridor Tier One Environmental Impact Statement and Record of Decision.  This east-west corridor will connect I-55 in Illinois to I-65 in Indiana.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Feds OK Elgin-O’Hare extension, bypass toll road

A record of decision has been approved by The Federal Highway Administration and Federal Aviation Administration for the Illinois Tollway Authority to build the Elgin O’Hare – West Bypass expressway: Feds OK Elgin-O’Hare extension, bypass toll road

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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New “Green” Floor System for Industrial Buildings

Published in the July 2012 issue of Illinois Real Estate Journal, Adam Marshall discovers a new flooring system for distribution and manufacturing facilities that is gaining popularity in the Chicago area industrial market.  Ductilcrete, a joint-less concrete, has received a great deal of positive feedback over the past few years for its high performance and low maintenance costs.  Unique qualities like its superior abrasion and stain resistance and a 5-year warranty set it apart from standard concrete floors.  Ductilcrete is a relatively new flooring option that has been incorporated into some warehouses over the past five years and is expected to become increasingly more common in industrial buildings as construction activity starts to pick up:

IREJ-New “Green” Floor System 

 

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Capital Gains Tax on Investment Property to Increase in 2013

An article published by Morgan Stanley Smith Barney in March 2012, Tax Moves to Consider Now discusses the low likelihood of Congress extending the Bush tax cuts which will expire on December 31, 2012.

Beginning in 2013, the capital gains tax on investment income (including investment property) will increase from 15% to 20% with an additional tax of 3.8% on families with a total income above $250,000.  This means private investors that sell real estate for a profit in 2013 and beyond will most likely pay up to 58% additional tax on their capital gains versus 2012.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Elgin O’Hare West Bypass Expressway Receives Funding

In June 2011, the Elgin O’Hare – West Bypass (EOWB) Advisory Council reached consensus to proceed with and fund the $3.4 billion  EOWB Initial Construction Plan.  Two months later, the Illinois Tollway Board of Directors adopted the 15-year, $12 billion capital program, Move Illinois: The Illinois Tollway Driving The Future, which commits $3.1 billion toward the $3.4 billion needed to begin building the EOWB as soon as 2013.

Now with final approval of the draft Economic Impact Statement anticipated by the end of 2012, the project is 91% funded.  The following construction timeline has been established:

2013-2015: Gary Avenue to west side of I-290

2015-2018: I-290 to west side of O’Hare

2018-2021: South from Thorndale to I-294

2021-2025: North from Thorndale to I-90

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428 

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Is the O’Hare Market Ready for Take-off?

Published in the December 2011 issue of Chicago Industrial Properties, Adam Marshall analyzes how air cargo volume at O’Hare International Airport can be used as a leading indicator for distribution space demand in this area and how the Chicago Federal Reserve Midwest Manufacturing Index is an important statistic to gauge local production which directly impacts the supply chain and movement of goods through the area:

CIP-Ohare Market Ready for Take-off

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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