- Oct 20, 2017
To accommodate its growing business, Glenview based Jet International Company recently announced interest in purchasing the property currently owned by Maurice Sporting Goods, 1919 Stanley Street, east of Shermer Road near the Northbrook Fire Station. The 34,000 square foot Northbrook site is more than twice the size of its current location in Glenview.
Jet International is a 40-year old business that supplies refurbished airframe and engine components for commercial aircraft. The company plans to occupy the entire building for warehousing and distribution of parts used in the aviation industry. Their workforce has grown to 26 employees, but with the move they expect it to grow to 50. Plans are to invest $500,000 to rehabilitate the property including new roof, windows, office renovations, new facade, and upgrades to the driveway and parking lot.
Owners are also seeking approval for a Cook County 6b property tax classification. Under the Class 6b program, properties are assessed at 10% of market value for the first 10 years, 15% in year 11 and 20% in year 12. Real estate is eligible for the 6b if it is used primarily for industrial purposes and is either a)new construction b)substantial rehabilitation or c) occupation of “abandoned” property.
According to Jet International estimates, the company would pay $1.29 million in real estate taxes over the 12-year period without the 6b incentive. Taxes would be half that amount with the 6b
Currently the property is used by Maurice for “dead storage” purposes, which owners hope will meet the Cook County criteria as “vacant.” If a building has been vacant for less than 2 years, it may still meet the abandoned requirement if the Village Board and County both find “special circumstances.”
Appearing before the Village Board this summer, Trustees asked representatives of JI to provide more information about how long the building has actually been used for “dead storage” to determine if it qualifies. Village President Frum commented that we need to support businesses moving into town and the impact on our tax base.