With $4 million in funding assistance from the village and state, Heritage Tool and Manufacturing, 7420 Duvan Drive, can purchase 10 acres in the Tinley Crossings corporate center to build a new factory.
The Village Board voted this week to allocate the $2 million it is allowed to issue in industrial revenue bonds for expansion of the longtime business. The Illinois Development Finance Authority will match the sum.
“It’s a wonderful thing for Tinley Park,” Village Manager Dave Dorgan said before the meeting. “This is what (an industrial revenue bond issue) is for–to assist local companies in expanding as well as attracting new companies.”
Heritage Tool, which is selling its current site, makes computer casings, according to Dorgan. The business has been in Tinley more than 20 years.
