The Carpentersville village board this week sealed a deal that will bring a new manufacturing company to the town for the first time in more than a decade.
Trustees on Tuesday recommended moving forward with an agreement for Dana Molded Products to reimburse the company up to $500,000 for redevelopment and relocation costs.
Dana Molded Products, which specializes in injected molding, will invest about $10 million to move its operations from Arlington Heights to a 62,000-square foot facility on a 5.7-acre site at the Springhill Center for Commerce and Industry on the west side of Carpentersville.
Read More In the Daily Herald.............
Dana Molded Products Inc. Website
Dana Plastic Container Corp. Website
SPRINGHILL CENTER FOR COMMERCE AND INDUSTRY The SpringHill TIF was created in 1995 as part of the JOBS RECOVERY ACT TIF will expire in 2018 The SpringHill TIF currently generates $280,000 annually The Village has $912,000 in assets in the SpringHill TIF Dana Molded Products, Inc. Cost of the building is estimated to be $8,000,000 to $10,000,000 Property tax revenues paid by Dana will generate $494,000 over the remaining life of the TIF. Dana president indicated during meeting that he expects to create approximately 40 jobs The cooling of the plastics forms created will utilize an alternative energy process (geothermal) using “green” energy supported by the IEPA Dana is a financially sound, family business
Till next time....
Richard
Advertisement
