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PROPOSED SUBSTITUTE TO FILE 19-4648
(Business and Economic Development Committee 9/25/2019 recessed to 9/26/2019)
PROPOSED RESOLUTION
IMAGEWORKS MANUFACTURING /KELRAN CORPORATION CLASS 6B SUSTAINABLE EMERGENCY RELIEF (SER)
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b Sustainable Emergency Relief (SER) application containing the following information:
Applicant: Imageworks Manufacturing /Kelran Corporation
Address: 49 South Street, Park Forest, Illinois 60466
Length of time at current location: 20 years
Length of time property under same ownership: 20 years
Is there evidence supporting 10 years of the same ownership and/or occupancy (tenancy): yes
Age of the Property (Building): 31 years
Municipality or Unincorporated Township: Village of Park Forest
Cook County District: 6
Permanent Index Number(s): 31-25-209-011-0000 and 31-25-209-012-0000
Municipal Resolution Number: Village of Park Forest, Resolution No. R-18-28
Evidence of Economic Hardship: This location is not economically feasible without the Class 6b SER because of the excessive real estate tax rate. The applicant is currently competing with businesses located in Indiana with more favorable business conditions. The applicant would not be able to sustain the same number of employees without the issuances of the tax incentive.
Number of blighting factors associated with the property: Five (5) blighting factors: Deterioration - New roof, Parking Lot Resurfacing, New HVAC and Trash Compactor; Obsolescence -Machinery needs to be replaced Digital Printing & stamping equipment, New Dock surroundings and Up to date Computer ERP Manufacturing system and Laminators
Inadequate Utilities - More electrical power is needed to operate equipment simultaneously. Deleterious Land Use or Layout- Retention Basin Drainage needs improvement. Equalized Assessed Value- EAV has declined from $593,413 in 2011 to $...
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