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How much is the Developer expecting to invest and what is the financial impact to the Village of Glen Ellyn?

The Developer is projected to spend $41M on this project and is seeking $1.36M total over five years in Tax Increment Financing (TIF) incentives in addition to the Main Street Parking lot, valued at $1.845M. The reconstruction and expansion of the public parking lot at an estimated cost of $3M is also a financial benefit to the public and will be Village owned once the improvements are complete. The Developer will also improve the streetscape on these blocks of the downtown in conformity with the new streetscape design to be completed soon. 

The project is projected to generate $7.3M of increment to the Village after incentives are paid out over the life of the TIF. The project would grow the Equalized Assessed Value (EAV) and benefit all taxing districts once the TIF expires, generating approximately $700K in property taxes by the end of the TIF. The Village’s consultant has vetted the developers proforma and believes the estimated return on costs of approximately 6.5 percent is reasonable given that market return on cost benchmarks are near 7 percent.

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1. Where is the Apex 400 project located?
2. What do the long range Village plans show as an appropriate use of this site?
3. How long has this site been vacant?
4. What are the current commercial vacancy percentages in the downtown?
5. What type of public outreach was conducted surrounding this project?
6. What does the residential component of the project entail?
7. Is there a need for this type of housing in the Village?
8. Has the Village rejected previous development proposals for the site?
9. What is the commercial component of this development?
10. Will the Village lose any parking as a result of this project?
11. How long will the parking structure at this location be under construction?
12. Is the Village selling the Main Street parking lot land to the developer?
13. How will the public be able to access the first floor public parking?
14. Why is the Village not requesting additional public parking to be provided?
15. Has a traffic analysis been performed to identify the impact of increased traffic from the proposed development?
16. Were the traffic studies conducted on atypical days when some schools had not yet begun?
17. How is the building height in comparison to others in the downtown?
18. Are the number of zoning requests for this project typical?
19. Is the size of the building appropriate for the site?
20. Does the building meet the Village’s Appearance Guidelines?
21. Will sunlight be diminished on the street as a result of the development?
22. Will the project result in the loss of commercial square footage in the downtown?
23. How much is the Developer expecting to invest and what is the financial impact to the Village of Glen Ellyn?
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