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File #: 16-2121    Version: 1 Name: Plastic Color Corporation
Type: Resolution Status: Approved
File created: 3/8/2016 In control: Business and Economic Development Committee
On agenda: 3/23/2016 Final action: 4/13/2016
Title: PROPOSED RESOLUTION PLASTIC COLOR 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: Plastic Color Corporation Address: 14201 Paxton Avenue, Calumet City, Illinois Length of time at current location: 18 years Length of time property under same ownership: 18 years Is there evidence supporting 10 years of the same ownership and/or occupancy (tenancy): Yes Age of the Property (Building): 37 Municipality or Unincorporated Township: Thornton Cook County District: 4th Permanent Index Number(s): 29-01-401-003-0000; 29-01-401-004-0000; 29-01-401-005-0000; 29-01-400-018-0000; 29-01-400-023-0000 Municipal Resolution Number: Calumet City Resolution No. 15-10 and Village of Burnham 15-001 Evidence of Economic Hardship: The App...
Sponsors: TONI PRECKWINKLE (President), STANLEY MOORE
title
PROPOSED RESOLUTION

PLASTIC COLOR 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: Plastic Color Corporation

Address: 14201 Paxton Avenue, Calumet City, Illinois

Length of time at current location: 18 years

Length of time property under same ownership: 18 years

Is there evidence supporting 10 years of the same ownership and/or occupancy (tenancy): Yes

Age of the Property (Building): 37

Municipality or Unincorporated Township: Thornton

Cook County District: 4th

Permanent Index Number(s): 29-01-401-003-0000; 29-01-401-004-0000; 29-01-401-005-0000; 29-01-400-018-0000; 29-01-400-023-0000

Municipal Resolution Number: Calumet City Resolution No. 15-10 and Village of Burnham 15-001

Evidence of Economic Hardship: The Applicant has experienced significant economic hardship as a result of the recent recession, the current condition of the building and the obsolete equipment has made it difficult for the company to remain viable. The applicant has currently 63 employees and needs to increase their workforce to keep their competitive edge. This tax incentive will help upgrade the building; replace aging equipment and increase work staff.

Number of blighting factors associated with the property: The applicant has stated the following blighted conditions: Dilapidated- the roof has been patched over the years and needs to be replaced; Obsolete - The equipment is out dated and the system fails to adequately heat and cool the property; and Deteriorated - the building HVAC needs to be upgraded; the building needs tuck pointing and the parking lot needs to be upgraded.

Has justification for the Class 6b SER program been provided?: Yes

Estimated # of jobs created by this project: None

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