Des Plaines aldermen have recommended approval of a Cook County property tax incentive for a developer that wants to build a $4.4 million speculative industrial building on Wolf Road.
Aldermen voted unanimously Monday in favor of the 6b property tax break for Seefried Industrial Properties, which plans to buy the building that Radco Tools is operating in at 2100 S. Wolf Road.
Seefried has proposed razing the building and replacing it with a 72,000-square-foot facility with 80 parking spaces and 15 exterior loading docks. The building may be split for two future businesses.
The company hasn’t identified a user to occupy the building yet. However, Seefried has determined the Des Plaines’ location and the strong industrial market will make it an advantageous investment, city officials said.
Demolition is expected to begin in November and construction of the new facility should be complete by May 2020.
The company expects to lease the new building to an industrial user for warehousing, manufacturing or distribution, which will create an estimated 50 to 100 jobs.
The proposed tax break now must be approved by the Cook County Board,
The county’s 6b property tax incentive is intended to spur development of industrial properties. Property owners approved by the county are given lower assessments for 12 years. Typically, industrial properties are assessed at 25 percent of market value. Under the program, the qualified properties are taxed at 10 percent for 10 years, 15 percent in the eleventh year and 20 percent in the final year.