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TO: Mayor Richard C. Irvin
FROM: Loretta Daly, Acting President/CEO Invest Aurora
David Dibo, Economic Development Director
DATE: March 27, 2023
SUBJECT:
A Resolution Approving a Development Agreement By and Among the City of Aurora, Atlanta Land L.K.E. LLC, and US Foods, Inc. for the development of property located at 2810 Duke Parkway, Aurora, Illinois, 60502.
PURPOSE:
Atlanta Land L.K.E. LLC is the owner of the currently vacant land measuring approximately 49.7-acre parcel and located at 2810 Duke Parkway, Aurora Illinois. For the purposes of clarity, Atlanta Land L.K.E. LLC is a wholly owned special purpose entity subsidiary of US Foods, and US Foods, Inc. is the sole member of Atlanta Land L.K.E. LLC. In considering this location for the development of this parcel to include an approximately 300,000+ square foot distribution and truck maintenance facility housed in one main building and two outbuildings, US Foods has requested that the City consider entering into a sales and property tax sharing agreement for a 10-year period. This new $100,000,000+ development would consist of approximately 280,000 sf distribution facilities, including approximately 19,000 sf of new office space, and a 12,650 sf of truck maintenance facility.
BACKGROUND:
As part of the final stages of their site selection process, US Foods requested their agent, CBRE, issue a Location Incentive Proposal to candidate market which would allow them (US Foods) to evaluate opportunities from state and local authorities to help mitigate location specific one-time and recurring costs that would assist in supporting the projects financial objectives. The Development Agreement before you tonight has been preliminarily reviewed and approved by the Company.
DISCUSSION:
The cost of the improvements to this currently vacant land will be substantial, estimated to be $100,000,000, and will greatly enhance the real estate tax base for the city. Interestingly, because of the nature ...
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