Heavy Rain Fog/Mist
43°FHeavy Rain Fog/MistFull Forecast

Cicero extends tax incentive for steel company

Published: Friday, Jan. 31, 2014 6:50 p.m. CDT

CICERO – Corey Steel Company has been in business in Cicero for almost 90 years. Cicero officials would like to see them stay awhile more.

Town officials approved a resolution to renew a Class 6 (b) Real Estate Tax Incentive to the company, at 2800 S. 611 st Ave., when the Board met Jan. 28. The incentive sets the property tax assessment at 10 percent of the property's fair market value as opposed to the standard 25 percent ratio.

The resolution provides real estate tax incentives to property owners who build, rehabilitate, enhance and occupy property located in Cook County that is used primarily for industrial purposes.

According to the company's website, Corey Steel manufactures cold finished steel bars and also offers a wide range of aluminum and copper bar, rod and wire products. 

CEO Paul Darling said despite fierce competition and razor-thin margins, Corey Steel has been able to remain competitive "by harvesting deficiencies and reducing low-dividend expenses whenever possible."

A capital improvement on the property east of 61st Court resulted in the construction of Building 18, which includes six continuous drawing machines, three new and three relocated from other areas of the property,

The lower assessment level on Building 18 will help the company reinvest in the property.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Suburban Life Media.