Elk Grove, Des Plaines companies receive county tax incentives

 
 
Updated 6/27/2018 7:08 PM
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Cook County approved property tax incentives Wednesday for three industrial businesses in Elk Grove Village and a fourth Des Plaines.

The incentives will help create 49 jobs at the businesses and dozens of construction jobs, as well as retain about 52 full-time positions, officials said. The businesses in Elk Grove Village are Escorza Tile, Chicago Wheel Service Inc. and Excel Color Corp. The business in Des Plaines is ML Realty Partners.

"The companies receiving these incentives have demonstrated their commitment to our communities and residents," Cook County Board President Toni Preckwinkle said in a news release. "I'm pleased that we are able to use our tax incentive tools to either keep or expand businesses in Cook County."

The class 6b property tax classification lowers the assessed value of industrial properties for 12 years with the intent of spurring growth in underperforming areas. Property is assessed at 10 percent of market value for 10 years, 15 percent in the 11th year and 20 percent in the 12th year. Industrial property is usually assessed at 25 percent.

In Elk Grove Village, Escorza Tile will occupy space at 1901 Greenleaf for its warehousing and distribution of flooring products, creating 19 jobs and retaining 16 positions, officials said.

Chicago Wheel Service Inc., which remanufactures and distributes aluminum wheels, is expanding its business and moving to 1001 Morse Ave. Three jobs will be created.

Excel Color Corp., a manufacturer of industrial coatings, sealants, plastic and artistic clay, is moving to 220 Bond St. Two or three jobs will be created.

ML Realty Partners plans to lease the property 100 E. Howard Ave. in Des Plaines to an industrial user for warehousing or distribution. It will create about 25 jobs.

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