===== PDF PAGE 39 =====
[Extraction: OCR (rendered-page OCR)]
CITY OF WEST CHICAGO
FINANCE COMMITTEE
AGENDA ITEM SUMMARY
ITEM TITLE:
AGENDA ITEM NUMBER: _ &-€.
Resolution No. 19-R-0066 — Partial Property Tax
Abatement — Midwest Industrial Funds FILE NUMBER:
COMMITTEE AGENDA DATE: 12/12/19
COUNCIL AGENDA DATE: 12/16/19
STAFF REVIEW: SIGNATURE,
APPROVED BY CITY ADMINISTRATOR: SIGNATURE
ITEM SUMMARY:
Attached is a request for a partial property tax abatement from a representative from Midwest Industrial
Funds (MIF) for a 303,000 sf building in the DuPage Business Center. Also included is a property tax
analysis and an IGA. The IGA is slightly different than the others previously considered and included in
our template agreement; the primary changes are as follows:
(1) MIF builds speculative buildings, where it constructs the shell, and then looks for tenants to occupy
the building. At this time, Skyjack (currently in Batavia) wants to move its corporate office and
warehouse to this spec building, occupying about 100,000 sf., leaving another 200,000+ sf to be
leased. Since those tenants are not yet known, the IGA has a provision whereby the City has the
right to reject a potential tenant for the reasons listed in Section 2D.
(2) This partial property tax abatement is for 40% as opposed to 50% as was approved in the past.
(3) The clawback provision benchmarks at 7 years (rather than 10) for 75% of the pro rata share, to
match the lease term of Skyjack, the only known tenant.
STAFF RECOMMENDATION:
Staff recommends approval of Resolution No. 19-R-0066.
COMMITTEE RECOMMENDATION:
The Finance Committee unanimously recommends approval of Resolution No. 19-R-0066.