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PROPOSED RESOLUTION
EXCEL COLOR CORPORATION 6B PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b application containing the following information:
Applicant: Excel Color Corporation
Address: 220 Bond Street, Elk Grove Village, Illinois
Municipality or Unincorporated Township: Elk Grove Village
Cook County District: 15
Permanent Index Number: 08-22-102-027-0000; 08-22-1020-028-0000 and 08-22-1020-188-0000
Municipal Resolution Number: Village of Elk Grove Resolution Number 16-17
Number of month property vacant/abandoned: 12 months vacant
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: Two (2) - three (3) full-time jobs
Estimated Number of jobs retained at this location: 11 full-time jobs
Estimated Number of employees in Cook County: Same as above
Estimated Number of construction jobs: 15 construction jobs
Proposed use of property: Industrial use manufacturing and distribution of industrial coatings, sealants, plastic, artistic clay and more.
Living Wage Ordinance Compliance Affidavit Provided: Yes
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 6b that provides an applicant a reduction in the assessment level for an abandoned industrial facility; and
WHEREAS, the Cook County Classification System for Assessment defines abandoned property as buildings and other structures that, after having been vacant and unused for at least 24 continuous months, have been purchased for value by a purchaser in whom the seller has no direct financial interest; and
WHEREAS, in the instance where the property does not meet the definition of abandoned property, the municipality or the Board of Commissioners, may determine that special circumstances may exist that justify finding that the property is abandoned for purpose of Class 6b; ...
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