File #: 18-3983    Version: 1 Name: EXCEL COLOR CORPORATION 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 6B) Purchase for Value Status: Approved
File created: 5/23/2018 In control: Business and Economic Development Committee
On agenda: 6/6/2018 Final action: 6/27/2018
Title: 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...
Sponsors: TONI PRECKWINKLE (President), TIMOTHY O. SCHNEIDER
title
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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