Niles Trustees Approve Tax Incentive for Medical Manufacturer

NILES, IL — The Village of Niles approved a property tax incentive to encourage medical device-maker LSL Health Care to move from Chicago to Niles at a meeting of the village's Board of Trustees last month. The tax cut, which requires official approval from the Cook County Board of Commissioners, is aimed at industrial properties and known a 6B incentive.

The tax cut drops property tax rates for businesses from 25% of the value of a property to just 10% for the first 10 years. In the 11th year, the rate rises to 15%. The following year, it rises again to 20% and finally returns to pre-incentive rates in year 13.

6B incentives has now been approved for more than 17 properties over the last decade, according to The Bugle Newspapers.

LSL says it will invest $475,000 on renovating the property while it receives the tax benefit for the next 12 years, after it purchases the building at 6200 W. Howard St. for $6 million.

Village trustee Denise McCreery said she was concerned those changes wouldn't be enough to improve the building's exterior, and introduced an amendment to the village's agreement with the company requiring it to spend an extra $50,000 on improving the outside of the property, according to the Journal & Topics.

Photo: Property at 6200 W. Howard Street