Village Discusses Tax Incentive, Parking, Target Industries, Budget Items
The Lemont Village Board met in workshop session (Committee of the Whole) at 7 p.m. Monday at Village Hall, 418 Main St.
At its Committee of the Whole meeting Monday night, the Lemont Village Board discussed a request from Rena Land, LLC, to support its application for a tax incentive (Class 6b property tax classification). The business has said plans to build a 45,000 square-foot industrial building in the 13000 block of Main Street cannnot be finalized unless a Class 6b property tax incentive is feasible. According to a memo from Village Planner Charity Jones, Cook County began the Class 6b program “to attract new industry, stimulate industrial expansion and increase employment opportunities throughout the county.” A property is eligible for the tax incentive if the municipality in which it is located passes an ordinance or resolution in support of the 6b …
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Edward Andrysiak
10:55 am on Monday, April 1, 2013
On it's surface it seems that the County is willing to give big property tax breaks to attract development with local approval of said breaks. As a larger body the County might be able to absorb the tax loss revenue whereas the Villages may not. I would have to wonder why the Village couldn't assess an annual impact fee equal to the Village portion of the property tax that it would loose. Result… more ›