Journal & Topics Media Group

Waukegan Road Self Storage Development Proposal Back With 7B Tax Request

Project, Tax Incentive Previously Approved In 2017, 2018

Niles Village Hall.

Niles Finance Committee members approved a proposed recommendation for a Class 7B property tax incentive to develop a self-storage business on a long-vacant lot in the 7400 block of Waukegan Road at their Thursday, Dec. 3 meeting.

The proposed $7.4 million project by developer Adam French, with the request for a 7B property tax recommendation, has come before Niles trustees before. It was approved first in 2017 when the building project was approved, then in 2018, when an extension for the project was granted and the 7B recommendation was approved.

The proposal is to build a four-story class A building at 7421 N. Waukegan. It would include a 1,600 square foot retail space on the first floor and self-storage bays through the remainder of the building. Niles Director of Economic Development John Melaniphy said he did not have a project timeline.

Similar to a 6B property tax incentive, a 7B property tax incentive lowers property tax rates for a period of 12 years. Rates are lowered from 25% to 10% for the first 10 years, rise to 15% in year 11, and 20% in year 12 before returning to 25% in year 13.

A 7B property tax incentive, awarded by Cook County commissioners, is granted with the recommendation of the local municipality for commercial property. A property must be vacant for at least two years and would need to see more than $2 million in redevelopment to qualify.

The property along the 7400 block of Waukegan has been vacant since the year 2000 when a dry cleaners operation closed. The building was razed in 2009 and has been an open lot ever since.

 

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