HomeMy WebLinkAboutRESOLUTION - 48-89 - 8/8/1989 - CLASS 6B STATUS/1375 LUNT AVERESOLUTION NO. 48-89
A RESOLUTION FOR APPROVAL OF CLASS 6b INCENTIVE ASSESSMENT
FOR CERTAIN REAL ESTATE IN THE VILLAGE OF ELK GROVE
VILLAGE (1375 LUNT AVENUE - TOPY PRECISION MFG., INC.)
WHEREAS, TOPY PRECISION MFG., INC., Owner of the property commonly known
as 1375 Lunt Avenue, in the Village of Elk Grove Village, proposes to undertake
a program of expansion and remodeling of its existing premise, at a cost estimated
at $7,000,000; 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 are
08-34-204-011; and
WHEREAS, TOPY PRECISION MFG., INC., has applied to the Office of the Assessor
of Cook County for Class 6(b) classif-ication under the Cook County Real Property
Assessment Classification Ordinance, adopted by the Cook County Board of
Commissioners on October 1, 1984; and
WHEREAS, TOPY PRECISION MFG., INC., will as a result of this aforesaid
substantial rehabilitation, significantly improve its facility at the subject
location; and
WHEREAS, the aforesaid program of substantial rehabilitation will create
additional permanent employment opportunities; 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, the substantial rehabilitation of the subject property by TOPY
PRECISION MFG., 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: 5
PASSED this 8th
APPROVED this 8th
ATTEST:
Patricia S. Smith
Village Clerk
NAYS: 0 ABSENT: 1
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of
August ,
1989.
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August
1989.
Charles J. Zettek
Village President