Business Incentives

Schaumburg is a thriving economic center, offering first-rate services and a premier business location.  To assist with business recruitment, the Village of Schaumburg works with Cook County to help attract economic activity to vacant properties in need of commercial and industrial development.

Commercial Incentives

 Cook County Class 7B

The Cook County Class 7B real estate tax incentive allows eligible commercial users to reduce their assessed value for a period of twelve years.  Eligible properties must be for commercial development and meet the following criteria:

  • The area must be designated in need of commercial development
  • Real Estate Taxes have declined or remained stagnant for the last six years
  • The project is viable and timely with the approval of the Class 7B
  • The project would not move forward but for the incentive
  • The project will create increased tax revenue and employment for the area

More information on the Class 7B application can be found on the Cook County Assessor's website.

 

Industrial Incentives

Cook County Class 6B

The Cook County Class 6B real estate tax incentive allows eligible industrial users to reduce their assessed value for a period of twelve years.  Eligible properties must be for industrial development and meet the following criteria:

  • The real estate is used primarily for "industrial purposes", which includes manufacturing, wholesale distribution, or processing of raw materials to create new products
  • The incentive is used for either new construction, the purchase of an abandoned property (2 years vacant) or for substantial rehabilitation of a structure

    More information on the Class 6B application can be found on the Cook County Assessor's website.

     
    Industrial Revenue Bonds

    Schaumburg receives $5.9 million each year in tax-exempt bonds that can be used by existing Schaumburg industries to expand or attract new industries. The interest rates on these industrial revenue bonds are 65-80% lower than conventional bank interest rates and typically save 10-25% of the amount financed. Eligible applicants are limited to manufacturers that alter or add value to raw materials. Wholesalers, distributors and retailers are not eligible. 

    Eligible uses of the funds include:

    • Land acquisition
    • Building construction
    • New or existing equipment purchase
    • Interest expenses during construction

     

    If you have any questions, please contact Matt Frank, Assistant Director of Community Development/Economic Development Manager, at 847.923.3853, or Kevin Leighty, Management Analyst, at 847.923.3871.