Cook County Board Approves Five Tax Incentives Designed to Support Economic Growth

Cook County Commissioners approved five proposals from President Toni Preckwinkle’s Bureau of Economic Development (BED) that will provide tax incentives to businesses in Cook County.

The incentives, which will either create new or save existing jobs, were approved in the following communities: Oak Forest, Rolling Meadows, Schaumburg, South Holland and Streamwood.

As a result of redevelopment activities, these incentives should support the creation of an estimated 13 new private sector full-time jobs, retain an estimated 230 full-time jobs and support seven construction jobs.

“The companies receiving these incentives have demonstrated their commitment to our communities and residents,” Preckwinkle said. “I’m pleased that we are able to use our tax incentive tools to either keep or expand businesses in Cook County.”

Details on the incentives follow, listed by municipality:

·         Business Name: Best Western Hotel,  4375 Frontage Road, Oak Forest

Type of Business: Hospitality

Project Description: Improvements to the lobby, breakfast area, pool, exterior and technology upgrades. The applicant will continue to do business as a Best Western Hotel.

Type of Incentive: Class 8

Estimated: eight full-time jobs created; 10 full-time jobs retained; two construction jobs supported

·         Business Name:Steel Supply Company, 5105 Newport Drive, Rolling Meadows

Type of Business: Distributor and processor of steel finish bars

Project Description: In addition to being a distributor and processor of steel finish bars, the applicant also provides warehousing and logistic services for buyers of raw steel. Property has been successfully occupied for 47 years. The applicant wants the incentive to make enhancements allowing them to remain competitive.

Type of Incentive: Class 6B-SER – considered temporary and non-renewable

Estimated:  51 full-time jobs retained

·         Business Name: Mercury Products Corporation, 1201 S. Mercury Drive, Schaumburg

Type of Business: Manufacturing of custom-engineered, stamped or fabricated products

Description: Incentive will allow applicant to upgrade facility and add new equipment.

Type of Incentive: Class 6B-SER – considered temporary and non-renewable

Estimated: 115 full time jobs retained

·         Business Name: Eagle Express Lines, 16901 Van Dam Road, South Holland

Type of Business: Truck repair and storage

Project Description: Applicant is expanding the facility.

Type of Incentive: Class 8

Estimated: three full-time jobs created; 50 full time jobs retained; five construction jobs supported

·         Business Name: Hallmark Industries, Inc., 411 East North Avenue, Streamwood

Type of Business: Wholesale distributor of industrial machinery such as industrial motors, gear reducers and water pumps

Project Description: Applicant is relocating and expanding operation from 6,800 square feet to the subject 23,520 square feet location, which it will own.

Type of Incentive: Class 6B

Estimated: Two full-time jobs created; four full-time jobs retained

For more about the tax incentive programs offered by the Cook County Bureau of Economic Development, go to www.cookcountyil.gov/economicdevelopment.