In a recent Tribune article (“Continental Towers plan is quick payoff to 3COM,” Metro, May 8) it was suggested that the planned Continental Towers expansion was a direct result of 3Com’s recent decision to move to Rolling Meadows.
This is simply not the case, since Continental Towers has been planning its expansion for more than two years. Its sign on Golf Road announced the expansion long before 3COM even came into the picture in Rolling Meadows.
For the record, Continental Towers generates considerably more property-tax revenue for the city than 3COM does. Furthermore, the expansion plans for Continental Towers are definite, unlike the much-heralded $256 million 3COM expansion that is merely anticipated to occur over the next 10 years. As such, Continental Towers will likely remain the premier property-tax generator in Rolling Meadows for many years to come.
Most remarkable is that Continental Towers initially proceeded with its expansion without looking for a handout, unlike 3COM, which will receive tens of millions in tax breaks from the city and state over the next 20 years. What this example clearly demonstrates is that major development could occur without the need for costly tax incentives or other perks.
