PEKIN (HOI) - A Pekin factory is said to be on the fast track toward expansion with the promise of more than 90 new jobs, and city leaders are being asked to help the company cover the expansion costs.
Los Angeles-based DCX-CHOL, which designs and makes military and aerospace equipment, has a factory on Enterprise Drive in Pekin. The company wants to expand to the neighboring Gallatin River Communications building, which is vacant.
Cost of buying the building and renovating it is $2 million, according to a staff report to the Pekin City Council. The elected leaders are being asked at their meeting Monday night to approve using $500,000 in tax increment financing funds to defray DCX-CHOL's costs.
Use of TIF money won't be necessary if state dollars come through. The city has applied for a $700,000 grant Rebuild Illinois' Shovel Ready program.
The staff's report said DCX-CHOL would hire more than 90 new employees, in addition to the more than 80 people who currently work there. Hiring would start in December or January.
DCX-CHOL is a privately held company with locations in Indiana and California, in addition to the manufacturing facility in Pekin.