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, firstname.lastname@example.org, 773.957.1428