Company could bring jobs, revenue to Carpentersville

The potential relocation of a commercial business to Carpentersville could inject new life into an industrial park on the village's west side.

Village trustees this week approved a fiscal impact study and analysis for the proposed construction of a 62,000-square-foot industrial building in the Springhill Center for Commerce and Industry, on Commerce Parkway.

Dana Molded, which specializes in injection molding, is looking to move its operations from Arlington Heights to the Carpentersville area. The investment is expected to cost Dana Molded about $10 million.

The study, conducted by Kane, McKenna and Associates, would determine whether the project would support additional municipal investment, such as funds from a special taxing district.

In a tax increment financing (TIF) district, property taxes are essentially frozen as far as the government bodies that collect them for a period of 23 years, and the additional taxes generated from improvements in the area is pumped back into the district's redevelopment.

"Because they would be building in a TIF district, they are asking for some financial support to pay for the public infrastructure that would be required out there and some financial costs," Carpentersville Economic Development and Special Projects Coordinator Janice Murphy said. "That's why I wanted to get Kane and McKenna on board - so they could make a recommendation for TIF monies to be expended on the project."

Village President Ed Ritter said in addition to property tax revenues and job creation, the move could also benefit existing manufacturing businesses in the village.

"The should fit in quite well because we are a manufacturing town; we have a lot of existing businesses that manufacture stuff," Ritter said. "Those businesses could use some of the products that this company makes and we can get some cross-business going here."

Representatives from Dana Molded Products did not return calls for comment. The company's website says Dana Molded Products was founded in 1965 and makes a wide range of plastic products for packaging, electronics and the automotive industry.