LANSING | The Village Board recommends giving a significant property tax breaks for two parcels at Ridge Road and Torrence Avenue so they can be developed into stores.
There is currently a currency exchange at the site. Boyer Properties Inc., which owns the firm at 18211 Torrence Ave., wants to purchase the neighboring land at 2433 Ridge Road, which used by the Veterans of Foreign Wars organization in Lansing.
The currency exchange structure would be demolished and both plots would be developed into a new, 8,500-square-foot facility, Village Administrator J. Wynsma said.
A currency exchange would be located in the new facility, along with an O’Reilly’s Auto Parts store, Wynsma said.
In order to do this, Boyer Properties wants a Class 8 tax incentive from Cook County government, which would reduce the amount of property taxes paid by the owner by about half.
The Cook County Board has final say over whether the tax break is given. But the county requires that municipalities offer their recommendation for a proposed tax break before they will consider the issue. Village trustees voted 5-0 on Tuesday.
In other business, the Village Board gave its approval to a grant from the village’s façade program that helps businesses in the Ridge Road downtown business district improve the outer appearance of their buildings.
The structure at 3317-3321 Ridge Road will benefit from improvements the structure’s owner wants to make in hopes of attracting new businesses to the location.
The combined structure of about 10,000 square feet sits vacant. It was the former location of a Gillespie Optical store and a Sherwin-Williams paint store.
Wynsma said village officials are pleased with improvements to be made, even though they don’t know exactly what kind of businesses will wind up at the location.
He cited similar improvements made at a Subway Sandwich shop down the street at 3513 Ridge Road.
“We expect this will turn out to be just as handsome a structure as the improvements made at Subway,” he said.