HomeMy WebLinkAbout1295_001VILLAGE OF MOUNT PROSPECT
PLANNING DEPARTMENT
Mount Prospect, Illinois
RolN
TO: MICHAEL E. JANONIS, VILLAGE MANAGER
FROM: WILLIAM J. COONEY, JR,, DIRECTOR OF PLANNING
DATE: SEPI MBER 1, 1994
SUBJECT: ILLINOIS SUPERCONDUCTOR CORPORATION
REQUEST FOR COOK COUNTY CLASS 6B PROPERTY
TAX ASSESSMENT
Attached is a copy of a cover letter from Samuel Polsky, Attorney for Illinois Superconductor
Corporation, requesting the support of the Village Board for their Cook County 6B Property Tax
Assessment application. I have also attached a copy of Illinois Superconductoes brochure which
provides details of its operations. Illinois Superconductor is a manufacturer of high performance
. ..............
superconducting products for the cellular telephone
Illinois Superconductor is considering locating at « aq,pt'gn Court in the Kenw, on Rus"149
Center. Illinois Superconductor would occupy theentire 35,000 sq� �arCt "'f1l"cility that h
as been
vacant since its initial construction. Illinois Superconductor is currently located in Evanston and is
in need of a larger facility for their expanding operation. They estimate that the renovation costs for
this property will exceed $1 million.
Once Illinois Superconductor is fully operational, they anticipate employing approximately 40 to 50
individuals. The proposed renovation would add an additional $1 million worth of value to the
property and therefore increase the overall property tax to the Village and other taxing bodies. If
approved, the 6B assessment would enable Mount Prospect to lower their property taxes to a level
that is competitive with surrounding counties.
4- a,
Staff and the Economic Development Commission reviewed this request and recommend its approval.
Please forward these materials to the Village Board for their review and consideration at their
September 6, 1994 meeting.
WJC:hg
rLSKY & RIORDAN LTD.
Hq
Writer's Direct Dial
312-616-2288
August 4, 1994
Mr. Bill Cooney
Director of Planning and Zoning
Village of Mount Prospect
100 South Emerson Street
Mount Prospect, IL 60056
RE: Illinois Superconductor Corporation ("ISC,")
451 Kingston Court (the "Property')
613 Application
We represent ISC in connection with their application for 613 status.
ISC is a publicly traded company (NASDAQ - iSCO) which specializes in
manufacturing high performance superconducting products for the cellular
telephone industry.
ISC plans to use the premises at 451 Kingston Court for manufacturing, research
and development, assembly and warehousing of electrical and electronic
components and equipment, as well as for general corporate administrative
purposes. The primary market for the company's products will be the wireless
telecommunications industry, including the cellular telephone equipment
industry. Manufacturing processes will include bulk and thick film processing of
high temperature superconductor materials, both of which involve standard
ceramic processing such as mixing powder into a binder/solvent system, shaping
or coating substrates into desired shapes and heat treating in furnaces to final
form. Other assembly activity will consist of standard electronic manufacturing
and assembly techniques such as circuit board assembly, solder, welding and
brazing, as well as various standard machining operations.
205 North Michigan Avenue * Suite 3909 * Chicago, Illinois 60601 -P 312 - 540-0200 a Fax 312 - 540-0207
Mr. Bill Coone
August 4, 1991
Page 2
In reviewing possible sites to locate its new facility, ISC reviewed operating costs
at various other municipalities. Although real estate taxes were much lower in
collar counties, ISC decided to locate in Mount Prospect for the other benefits of
the community. However, ISC is committed to its shareholders to keep its
operating costs as low as possible. Accordingly, ISC is requesting a 6B
designation for its new manufacturing facility to keep real estate taxes at a
reasonable level.
ISC estimates that its Mount Prospect facility will create 40 - 5
jobs within eighteen months of completion. i
2. The new facility will contain approximately 35,000 square feet,
with approximately 28,000 square feet devoted to
manufacturing, development, and common areas, and 6,000
square feet for office.
3. The date for substantial rehabilitation to begin is estimated to
be September, 1994.
4. The estimated date of construction completion is October,
1994.
5. ISC is planning a major renovation of this Property; with cost
estimated at over $1 20001000. 1
ISC looks forward to locating in Mount Prospect. Your help and cooperation is
appreciated.
Very truly yours,
/03*11
Samuel J. Polsky
cc: Steve Wask�#
L.-MPERCOW4071%4071 BC2 COC -POLSKY & RIORDAN um,
ATTORNEYS AT LAW