HomeMy WebLinkAboutRESOLUTION - 3-90 - 1/9/1990 - CLASS 6B ABATEMENT/1855 ESTESRESOLUTION NO. 3-90
A RESOLUTION FOR APPROVAL OF CLASS 6b INCENTIVE ABATEMENT
FOR PLANNED NEW CONSTRUCTION IN THE VILLAGE OF ELK GROVE
VILLAGE (1855 ESTES AVENUE VIDEOJET SYSTEMS INTERNATIONAL)
WHEREAS, VIDEOJET SYSTEMS INTERNATIONAL, INC. proposed lessee of the property
commonly known as 1855 Estes Avenue, in the Village of Elk Grove Village, proposes
to lease said property, and to undertake a program of expansion and remodeling of
the premises, at a cost estimated at $1,200,000; the viability of the said program
being dependent on the eligibility of the said property for Class 6(b) incentives;
and
WHEREAS, the permanent real estate tax index number of this property is
08-35-103-017; and
WHEREAS, VIDEOJET SYSTEMS INTERNATIONAL, INC. has received from the Office of
the Assessor of Cook County, acknowledgement of a "Pre -Eligibility Application" for
Class 6(b) classification under the Cook County Real Property Assessment Classification
Ordinance, adopted by the Cook County Board of Commissioners on October ,1984; and
WHEREAS, VIDEOJET SYSTEMS INTERNATIONAL, INC. will, as a result of this afore-
said remodeling, develop an ink manufacturing operation in an existing vacant facility;
and
WHEREAS, the aforesaid program of substantial rehabilitation will create
additional temporary employment opportunities during construction, and permanent
employment opportunities in the expanded facilities; and
WHEREAS, additional economic development is deemed to be a necessity for the
continued economic development and viability of the Village of Elk Grove Village;
and
WHEREAS, notwithstanding the Class 6(b) status of the subject property, the
expansion and substantial rehabilitation of the subject property by VIDEOJET SYSTEMS
INTERNATIONAL, INC. will generate significant new revenues in the form of additional
state and federal income tax revenues, local real estate and other taxes.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois as
follows:
Section 1. That the subject property is appropriate for Class 6(b) incentive
assessment under the Cook County Real Property Assessment Classification Ordinance
of October 1, 1984.
Section 2. That this Resolution shall be in full force and effect from and
after its passage and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 9th _ day of January 1990 .
APPROVED this 9th day of January , 1990 .
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk