Project Altitude Retention Based Tax Abatement Proposal Project - PowerPoint PPT Presentation

Project Altitude Retention Based Tax Abatement Proposal

Project Altitude Proposal 10 year incremental tax abatement to help retain a established local manufacturing business in Downers Grove Maintains the current property taxes collected being paid to us New taxes would incrementally grow over a 10 year period, rather than increase all at once Guarantees to District 99 in an agreement that Business would: Make major improvements to their property ● Remain in the community for the duration of the abatement ● ● Maintain a certain number of employees paid above $40,000 per year.

Proposed Improvements to Existing Property Company is proposing to develop a new Headquarters Facility in Downers Grove including offices, research and development and manufacturing facilities. Project would include: - Construction of a new 200,000 square foot state-of-the-art headquarters and manufacturing facility - Retention of over 300 high-paying jobs in Downers Grove - Investment of over $20M into Downers Grove - Increase of property tax base through the development of underutilized parcel

Year Tax Incentive Net To Schools Structure Current Tax Base Continues New taxes phased in at 10% per year After 10 years full value is realized

Projected Base Taxes Projected Taxes Estimated Projected Tax Base Collected Collected with Increase On Property Project Altitude Increase Projected Base Taxes Collected On Property = Expected property taxes collected from property with increases limited by PTELL Projected Base Taxes Collected On Property = Potential new increased gains to District 99 in property taxes after abatement. Estimated Increase = Potential increase in property tax base by retaining business with improvement to property and structure

District 99 Benefits Direct Benefits • Helps Retain Established Company In Taxing Boundaries • Grows Opportunities For Internships And Partnerships In R&D And Manufacturing • Increases School Tax Revenue Without Impacting School Capacity • Increased Industrial Commercial Tax Base • Avoids Company Relocating Elsewhere And Leaving Vacant/Unimproved Property • Establishes A Long Term Stable Revenue Source • Demonstrates A Willingness To Work Creatively And Cooperatively To Retain And Attract Businesses Indirect Benefits • Increases Job Base In Downers Grove • Increases Employment Opportunities For Graduates Of Local High School, Community College, And Universities • Indirect Long Term Benefits • Secondary Local Job Growth (Retail, Services, Construction) • Sales Tax Revenue Growth

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