- Dec 20, 2021
A 6b tax incentive application for the redevelopment of one of Northbrook’s largest available commercial properties was discussed by the Board of Trustees in December. Panattoni Development Company is hoping to receive 6b treatment for new construction at 4000 Commercial Avenue, currently owned by Walgreens. The proposed project would include demolition of the current 284,000 office building constructed in 1976, replacing it with a speculative industrial facility of over 447,000 square feet at a cost of $40M, including purchase of the property. Panattoni asked the trustees to remove restrictions on appealing property tax assessments and reapplying for new 6b relief in the future, conditions that Northbrook has placed on past 6b applications.
Comments from the Board reflected a mostly welcoming view tempered by a desire for more information about the proposal’s employment prospects, environmental impact, and impact on traffic. Trustees agreed that the downward trend in the office space market makes the proposed investment in a new industrial building attractive, but also that they would be opposed to a future application to extend the 6b on the same investment. President Kathryn Ciesla opined that the Village’s procedures for reviewing 6b applications should be updated. ”I strongly encourage the applicant to continue the process,” said Ciesla. “I want to simultaneously evaluate our criteria to make sure we communicate to the public that we are business friendly and we want businesses to invest in the community.”
The application will be reviewed by affected taxing bodies before returning to the Trustees for final recommendations.