Local media reported Friday that Elk Grove Village, Illinois-based steel manufacturing company Clingan Steel, Inc. is seeking tax relief to open a second facility to accommodate expansion.
Clingan Steel, Inc. is reportedly asking the city of Des Plaines to support its effort to garner a 6B tax relief from Cook County to help finance the expansion.
Reports said the owner of one potential property is willing to lease its 39,833 sq. ft. building to Clingan Steel. Extensive renovations valued at approximately $585,000 will be needed before the structure will be occupied.
Qualified industrial properties utilizing Cook County’s 6B economic development tool are assessed at 10 percent of market value for the first 10 years, 15 percent in the 11th year and 20 percent in the 12th year. Normally, such properties are assessed at 25 percent of market value.