A tax incentive for INX International Ink in Homewood was approved by the village board Tuesday, July 14.
INX operates a manufacturing facility at 1000 Maple Ave. It’s one of the largest producers of printer ink in North America.
The Cook County Class 6B incentive aims to encourage the development of new industrial facilities and the rehabilitation of existing or abandoned buildings. The county uses incentives as a tool to attract and retain businesses that could be taxed at lower rates in collar counties or in Indiana.
Properties are assessed at 10 percent of market value for 10 years, 15 percent in the 11th year and 20 percent in the 12th year. It can be renewed after the 10th year.
INX purchased the facility in Homewood in 2007. An existing tax incentive from the previous owner was first approved in 2001 and renewed in 2010.
The company’s made $1.3 million in improvements to the facility, including a waste water reclamation system, a roof membrane and HVAC upgrades. It plans to spend $810,000 more on the building in the next two to three years.
“I’d just like to thank INX. You’re the largest business in the Prairie Lakes area,” Mayor Richard Hofeld said. “We love having you here. Thank you for being here.”
According to village documents, INX estimated property taxes without an incentive would be $450,158.62 annually. The Class 6B cuts that to $180,063.35.
The board also made a portion of Homewood Avenue between 183rd Street and Evergreen Road a no parking zone.
Public Works Director John Schaefer and Police Chief Bill Alcott looked into the situation after receiving a letter from residents in the area. Schaefer said cars parked there “severely obstruct alley access” for emergency vehicles.