Audiovisual giant soon may find its new home in Aurora

Aurora officials are hoping a 50 percent tax revenue sharing plan and a requirement to bring more than 100 new jobs to the city will be enough to land a new international company's North American headquarters.

Peerless Industries Inc., a $101 million company specializing in making television and speaker mounting equipment, is currently located on North Avenue in Melrose Park. If aldermen approve the agreement, which could happen as soon as late March, Peerless is poised to relocate to 2300 White Oak Circle Drive, on the city's far east side.

"The move planned by Peerless Industries is one more illustration that the city of Aurora offers an attractive business climate to leading companies around the world," Mayor Tom Weisner said in a written statement released Tuesday. "It shows that even in challenging financial times, Aurora's economic development continues to move forward."

Peerless representatives were unavailable Tuesday.

Upon relocation to Aurora, city officials said the company intends to invest about $18 million to redevelop the 300,000-square-foot manufacturing and distribution facility in the White Oak Business Park.

It also will discontinue the practice of outsourcing manufacturing work to its China facility and relocate and consolidate manufacturing, distribution and corporate operations to Aurora.

The potential relocation also means the company would bring about 253 current Peerless employees to Aurora while creating 135 new jobs over the next four years. Each of the jobs, which will be offered to Aurora-area residents, will pay between $37,000 and $68,000 including benefits.

In return, the Aurora Economic Development Commission has recommended a 50 percent tax rebate of the city's portion of property taxes for four years, with a maximum of $193,741. The agreement requires Peerless to keep its operation in the city for 10 years and employ a minimum of 135 additional employees beginning in 2014. Should Peerless not fulfill its obligation, a percentage of the property tax incentives will be reimbursed to the city.

Aldermen sitting on the city's finance committee have unanimously approved the agreement. It will now be reviewed by the committee of the whole March 2 and likely placed on the March 9 council agenda.