Officials at Chicago’s Magnetic Inspection Laboratory will spend $13 million to expand and add equipment lines for its manufacturing and coating business serving the aerospace and defense industries.
MIL in Elk Grove Village — which has over 2,500 prime approvals in manufacturing and coating — operates three buildings but is purchasing a 40,000-square-foot building at next door where it plans to expand its metal finishing, coating and nondestructive testing and welding businesses.
MIL provides anodizing, cadmium plating, black oxide, chem film, electropolishing, and other plating processes, as well as powder and liquid coating, as well as chemical agent resistant coatings for the military.
The Daily Herald reports that “company officials said the property is desirable based on its proximity, and they expect it to work with the other properties on the street. They also have plans to eventually move into the building at 1335 Greenleaf to complete their expansion on the block.”
MIL will by the building from Ability Metal Co. for $2.2 million, and will then invest $1.3 million in property improvements, as well as another $8 million to $10 million on the installation of new process lines, according to a project description provided to village officials.
MIL started in 1942 as a one-man operation performing magnetic particle examinations on parts for the U.S. Government. The company has been in Elk Grove since 1988, and today has 260 employees and more than 10,000 customers worldwide. With the expansion, there are plans to hire another 25 to 50 employees, officials said.
Elk Grove's village board endorsed the company's Cook County Class 6B property tax abatement application pending approval by county commissioners. The incentive would allow the 80,000-square-foot site to be assessed at lower levels over a dozen years: at 10% of market value for the first decade, then 15% in the 11th year and 20% in the 12th year. Industrial property is normally assessed at 25%.
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