First fruits emerge from Lombard's new EIC
The Lombard Village Board of Trustees recently voted to approve two economic incentive agreements with large companies.
These projects, the first fruits of the village’s newly adopted Economic Incentive Policy, are critical to Lombard’s goal to bring new business activity to the region.
The contract with Sam’s West Inc. will lead to the construction of a new 135,000 square foot Sam’s Club retail warehouse store at 611 E. Butterfield Road. The incentive will help address large but necessary development costs consisting of razing existing structures, making improvements to Butterfield Road and developing critical engineering infrastructure in the area. The total cost of the project is estimated to be $19,143,000. The Sales Tax Incentive Agreement is currently $2,511,000 net present value. The performance-based reimbursement would be disbursed over a 10-year period.
The other approved agreement is between the village and Bluestone Single Tenant Properties LLC, resulting in a fuel station and companion 7,223-square-foot convenience store at the southeast corner of North Avenue and Route 53. The fuel station will provide 20 gasoline and five diesel fueling spaces. This would be the village’s first diesel fuel location and will serve the existing business traffic from neighboring industrial parks and along North Avenue. The Bluestone agreement will provide up to $587,000 for the offset of roadway reconstruction costs to the adjacent public streets. The roadwork will be done at the same time as the construction of the gas station.
“The village is excited to work with Sam’s Club and Bluestone to make these projects a reality,” Lombard’s Village President Keith T. Giagnorio said. “The project will facilitate redevelopment of underutilized properties and will strengthen the Butterfield Road and North Avenue corridors.”
Consistent with the terms and mission of the Economic Incentive Policy, both incentive agreements are sales-tax based and performance based, so they put no existing village revenues at risk. Both projects are in the final phase of the design stage.
“These businesses are projected to provide an immediate and longer-term impact to the Lombard economy,” Village Trustee Bill Johnston, chair of the Village’s Economic and Community Development Committee (ECDC), said. “Such agreements were carefully reviewed by the ECDC and the ECDC supported the agreements as a means to ensure that the projects are realized.”
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255 E Wilson Ave
Lombard, IL - 60148