1. The redevelopment of Raceway Park, a World War II-vintage race track that had fallen into disrepair, into the approximately 20 acre Raceway Park Shopping Center, consisting of:
An approximately 70,000 square foot Ultra Grocery Store opened as Phase 1 of the development in 2002. (Incentive provided by Calumet Park: approximately $3.49 million paid during the construction of the facility through the Village's issuance of bonds; $78,000 annual rebate of sales for 15 years). |
An approximately 47,000 square foot addition opened as Phase 2 of the development in 2003 and leased by such national retailers as Washington Mutual Bank, Shoe Carnival, A.J. Wright, Fashion Cents and Cosmo's Beauty Supplies. (Incentive provided by Calumet Park: approximately $1.5 million paid during the construction of the facility through the Village's issuance of bonds; 50% reduction in real estate taxes for approximately 10 years).
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The anticipated development of an approximately 40,000 square foot addition which will be opened as Phase 3, anchored by an Aldi Foods store which opened in December 2003. Construction of the remainder of this Phase 3 of the development is expected to commence during 2005. (Incentive provided by Calumet Park: approximately $1.9 million paid semi-annually over 15 years; 50% reduction in real estate taxes for approximately 10 years). |
The anticipated development of outlets at an unspecified future date. (Calumet Park has contractually agreed to provide at least a 50% reduction in real estate taxes for approximately 10 years, in advance of any development of these outlots). |
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2. An approximately 98 room Super 8 motel opened in 1996. (Incentive provided by Calumet Park: approximately $1 million paid during construction of the facility through the Village's issuance of bonds). |
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3. An approximately 85-room Best Western hotel opened in 2002. (Incentive provided by Calumet Park: approximately $1 million paid during construction of the facility through the Village's issuance of bonds). |
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4. The Chicago Tribune's regional distribution facility opened in 1995. (Incentive provided by Calumet Park: 50% reduction in real estate taxes for approximately 10 years). |
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5. The approximately 10 acre Midwest Distribution Center, Sales, Showroom and Maintenance Facility of German-based PERI GmbH, one of the world's largest manufacturers and suppliers of construction formworks, shoring and scaffolding systems used in skyscraper and large scale developments. The facility opened during 2003. |
Based upon this experience, developers can reasonably expect Calumet Park to provide them with a most attractive package of incentives. The following are examples of the types of incentives which we would strongly consider providing for your development: |
| Reimbursement for certain development costs, paid during construction. |
| “Pay-As-You-Go” incentives, paid quarterly, semi-annually or annually. |
| Sales tax rebates. |
| Real estate tax reductions. |
| Permit fee reductions or waivers. |
| Waivers on all Village restrictions on advertising signage and other promotional materials. |
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| Also, Calumet Park 's inclusion in the State of Illinois ' Cal-Sag Enterprise Zone automatically qualifies businesses developing in this Village for the following: |
| A 1/2% credit against the State income tax for investments in certain components of qualified properties. |
| Exemption from payment of sales taxes on building materials purchased for the development. |
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| Calumet Park believes that it is just as important to make development easy, as it is to make it affordable. That is why this Village employs professionals and procedures that allow developers to avoid many of the challenges they face in other communities. For example: |
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| Unlike many municipalities which meet once a month and require in-depth staff and committee review of development proposals, Calumet Park's Mayor and 6-member Board of Trustees meet whenever necessary (and often on 48 hour notice) to approve development proposals. |
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| Calumet Park does not impose “Green Roof”, “LEEDS Certification” or other costly environmental requirements on developers. |
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| Calumet Park routinely engages in an expedited and streamlined permitting process that involves the Village's dedication of both in-house and outside professionals and time to site and building plan review and allows for permits to be issued in a matter of weeks, not months. The Village also allows for a “multi-staged review” of permit applications, so that excavation can commence while building plans are being reviewed. |
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| Calumet Park 's in-house professionals will meet with your construction professionals regularly to resolve issues that arise during the construction process, so that “surprises” are avoided. |
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| Calumet Park uses only the best outside professionals for consultation on development decisions. Greenberg Traurig, one of the largest law firms in the world, serves as Calumet Park 's Economic Development Counsel. They understand development since they regularly represent numerous national retailers on development issues. Calumet Park 's regular outside financial advisor, Kane, McKenna & Associates, is recognized as the leading provider of financial advisory services to Illinois municipalities. The Village's engineer, Robinson Engineering, Ltd., has been the premier municipal engineering firm serving the vast majority of municipalities in Chicago 's South Suburbs for over 60 years. |
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| Major public finance insurers have recognized Calumet Park 's creditworthiness by providing credit enhancement to bonds issued by the Village in 1995, 1997, 2000 and 2003. As a result, Calumet Park received AAA or equivalent ratings from nationally recognized rating agencies for these financings. |
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The Village's Mayor and Board of Trustees have made economic development one of the Village's highest priorities. They stand ready to meet with developers in Calumet Park, downtown Chicago or elsewhere, whenever necessary and do whatever it takes to bring successful and meaningful development to fruition. We not only invite, but also encourage you to make use of us and any other resources Calumet Park can provide to assist you. |
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| For more information about developing a commercial or industrial project in Calumet Park, Illinois please contact: |
| Mark J. McCombs, Esq. |
| Special Economic Development Counsel |
| Village of Calumet Park |
| c/o Greenberg Traurig |
| 77 W. Wacker Drive |
| Suite 2500 |
| Chicago, Illinois 60601-1732 |
| 312.476.5026 (Direct) |
| 312.456.8400 (Main) |
| 312.456.8435 (Fax) |
| 312.236.4905 (Asst. – Donna Moy) |
| mccombsm@gtlaw.com (email) |
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| We look forward to working with you and, hopefully, a groundbreaking for your project in the very near future. |
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