Firm withdraws tax reduction request in Franklin Park
Updated: December 30, 2012 6:09AM
FRANKLIN PARK — An applicant for a property tax reduction on an industrial site in Franklin Park has withdrawn its application.
North Star Trust Company requested 6B status for an 86,642-square-foot portion of a property at 3431 N. Powell.
A property that gets 6B status by Cook County is assessed at 10 percent of its market value during its first 10 years, 15 percent in the 11th year and 20 percent in its 12th year. Normally, industrial properties are assessed at 25 percent of their value.
The property was formerly leased by HSBC, which moved out in April 2009.
Mike Gianelli, chairman of the Economic Development Commission, expressed concern over two aspects of the proposed 6B. First, the owner did not have a potential tenant for the property, though the owner said they were marketing it.
Second, there were two buildings under a single roof and under a single property tax identification number – meaning under a single tax bill. The owner had applied for 6B status for only one of the buildings.
While the owner had also applied to the county for a separate number for that part of the property, the county is still considering whether to grant it.
North Star Trust Company withdrew its application Nov. 15, before the commission voted on the matter.~.