Tax breaks eyed for Tinley Park buildings
By Mike Nolan email@example.com October 1, 2013 10:38PM
Tinley Park trustees on Tuesday approved supporting a property tax assessment reduction for this vacant commercial space at 17210 S. Oak Park Ave. Plans call for the space to be leased to a gift shop. | Mike Nolan~Sun-Times Media
Updated: November 3, 2013 6:30AM
With the help of a tax break, Tinley Park’s downtown soon might welcome a microbrewery.
Village trustees on Tuesday night gave tentative approval to a request from MMB Development for a lower tax assessment on its property at 17200 Oak Park Ave.
MMB would lease space to partners Erik Pizer, of Palos Heights, and Bruce Randall Sr., of Michigan City, Ind., who plan to open 350 Brewing Co. in a portion of the building.
The property has been vacant since September 2011 and is on the main floor of a condominium building. The 8,900-square-foot space formerly housed Cardinal Fitness, although the microbrewery would not occupy the entire space.
MMB Development is seeking to reduce the tax assessment from 25 percent of market value to 10 percent each year over a 10-year period. That would cut the annual tax bill by 60 percent, according to the village.
Village officials said that, without the property tax break, MMB Development “cannot establish a competitive tax rate that will result in the location of a new business tenant.”
Cook County municipalities, particularly those such as Tinley Park that are adjacent to Will County, where property taxes are some two-thirds lower, often use tax incentives to keep or attract business development.
The proposed lower assessment is scheduled for a vote by the village board at its Oct. 15 meeting. The reduction would also need approval from Cook County commissioners, who have typically supported such requests.
In a separate issue, village trustees on Tuesday gave final approval to a reduced assessment for a vacant building at 17210 Oak Park Ave. The building owner plans to lease the space, formerly occupied by My Bike Pro, to an artisan gift shop, Different Decades.
The assessment reduction also needs approval from the Cook County Board.