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RESOLUTION NO. 32-88 <br />A RESOLUTION FOR APPROVAL OF CLASS 6b INCENTIVE ABATEMENT <br />FOR PLANNED NEW CONSTRUCTION IN THE VILLAGE OF ELK GROVE <br />VILLAGE <br />WHEREAS, PRE -FINISH METALS, INC., lessee of the property commonly known <br />as 2300 East Pratt Avenue, in the Village of Elk Grove Village, proposes to <br />purchase and substantially rehabilitate an adjoining property, and to under- <br />take a program of expansion and remodeling of its existing leased premises, <br />at a cost estimated at $2,000,000; the viability of the said program being <br />dependent on the eligibility of the said property for Class 6(b) incentives; <br />and <br />WHEREAS, the permanent real estate tax index numbers of this property <br />are 08-35-403-061-0000 on the leased parcel and 08-35-403-059-0000 on the <br />parcel the purchase of which is proposed; and <br />WHEREAS, PRE -FINISH METALS, INC., has received, from the Office of the <br />Assessor of Cook County, acknowledgement of a "Pre -Eligibility Application" <br />for Class 6(b) classification under the Cook County Real Property Assessment <br />Classification Ordinance, adopted by the Cook County Board of Commissioners <br />on October 1, 1984; and <br />WHEREAS, PRE -FINISH METALS, INC., will, as a result of this aforesaid <br />new construction and substantial rehabilitation, significantly expand and <br />improve its facilities at the subject location; and <br />WHEREAS, the aforesaid program of new construction and substantial <br />rehabilitation will create additional temporary employment opportunities <br />during construction, and permanent employment opportunities in the expanded <br />facilities; and <br />WHEREAS, additional economic development is deemed to be a necessity <br />for the continued economic development and viability of the Village of Elk <br />Grove Village; and <br />WHEREAS, notwithstanding the Class 6(b) status of the subject property, <br />the expansion and substantial rehabilitation of the subject property by PRE - <br />FINISH METALS, INC., will generate significant new revenues in the form of <br />addition state and federal income tax revenues, local real estate and other <br />taxes. <br />NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees <br />of the Village of Elk Grove Village, Counties of Cook and DuPage, State of <br />Illinois as follows: <br />