GGA Logo space

page header

Analysis and Preparation of Cook County Class 7(B) Incentive Application
Client: Weichai America
dashed line separator At the recommendation of the law firm of Liston & Tsantilis, P.C., Weichai America retained Gruen Gruen + Associates (GG+A) to provide assistance with the preparation of a Class 7(b) tax incentive application with Cook County to facilitate the adaptive reuse of a former approximately 167,000-square-foot corporate headquarters building in Rolling Meadows, Illinois.

The property has been substantially vacant and blighted for a sustained period. The property is functionally obsolete for modern office, research and development, and industrial-flex land uses. The redevelopment and re-occupancy of the property would remove the blight associated with the property and contribute to the revitalization of the surrounding area which contains a great deal of vacant and underutilized real estate. Subject to receipt of the requested Class 7(b) tax incentive, the new property owner, Weichai America, plans to renovate and modernize the property, purchase expensive capital equipment, hire highly-trained technical staff to engage in research and development activities and expand into 101,150 square feet of space and to seek additional businesses to occupy the remaining building space. Those plans are contingent upon obtaining the requested Class 7(b) incentive.

To evaluate whether a Cook County Class 7(b) tax incentive is needed to facilitate the feasible redevelopment of the property located at 3100 Golf Road in Rolling Meadows, Illinois, Gruen Gruen + Associates (GG+A) simulated the real estate investment results of the redevelopment, operation, and eventual sale of the property. The results of the economic analysis concluded that the requested Class 7(b) incentive is highly warranted and would be essential for the feasible development and operation of the proposed project. The provision of the Class 7(b) incentive would cause the project to be financially viable for the unique owner-occupant which would be likely to move forward on a reasonably timely basis.

GG+A also estimated the economic impacts on the Cook County economy from the redevelopment and operation of Weichai's operations of the facility in Rolling Meadows.

A GG+A principal attended the Cook County Bureau of Economic Development hearing to present its findings and based on GG+As analyses, Cook County granted Weichai America a Class 7(b) tax incentive.

dashed line separator

Content Copyright © GRUEN GRUEN + ASSOCIATES. All Rights Reserved.
{ site map }