The Village of Algonquin, IL

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NorthPoint Development Project Approved in Algonquin Corporate Campus

The Village of Algonquin recently approved the annexation, zoning, and development agreement for NorthPoint Development.  This development will feature five new industrial warehouse buildings totaling over 1.6 million square feet on the 147-acre site in the Algonquin Corporate Campus

“The NorthPoint Development is a fantastic addition to the Algonquin Corporate Campus that will generate a significant amount of jobs for the community,” stated Village President Debby Sosine. “This development will provide tax growth for School District 300 and other taxing bodies, providing property tax relief for current taxpayers.”

As part of the development, a tax increment financing (TIF) district was established to address chronic flooding and develop other public infrastructure improvements that have hindered development at this long vacant site.  As part of this agreement, the Village negotiated with NorthPoint Development to include several performance thresholds and safeguards, as well as agreeing to distribute property tax revenues to all taxing bodies immediately.

When fully developed, the NorthPoint Development site is anticipated to generate over $3.2 million in new property tax revenue annually to local taxing bodies.

In addition to a significant taxable base, it is anticipated that over 1,000 new jobs will be created through the construction build-out as well as many high quality, full-time positions including electrical, administration, management, warehousing, and various trade positions.

“We are ecstatic to be joining and expanding the business community in Algonquin. From beginning to end their development team laid out a clear and concise process that was collaborative and made choosing Algonquin a great choice said Tom George, Vice President of Acquisitions, NorthPoint Development.

“Being able to approach issues as a team enabled us to achieve such an exceptional outcome for this region. We are extremely grateful to the Village Board for their support and look forward to getting shovels in the ground this spring.”

The Algonquin Corporate Campus is located in the southwest portion of Algonquin near the intersection of Randall Road and Longmeadow Parkway. The Campus includes fully-serviced, shovel-ready parcels up to one hundred acres in size accessible to Interstate 90 and O’Hare International Airport.

For more information about the Village of Algonquin’s economic development program and development opportunities, please visit www.aplusalgonquin.com