Investment Real Estate

Transcription

1 Adjacent to Ford Supplier Park Acres Vacant Land Available for Sale 116th and Avenue O Chicago, IL Available: Vacant Land: acres; will subdivide The largest contiguous piece of vacant industrial land in Chicago. CONTACT: Daniel J. Murphy American Heritage Corporation dmurphy@ahcre.com American Heritage Corporation Investment Real Estate

2 Vacant Land Turning Basin PROPERTY OVERVIEW Location: Land Area: Zoning: Financial Incentives: 116th & Avenue O, Chicago, IL Adjacent to Ford Supplier Park acres; will subdivide M3-3; PMD City Incentives TAX INCREMENT FINANCING IN PLACE (PART OF CALUMET TIF DISTRICT) EMPOWERMENT/ ENTERPRISE ZONE PROGRAMS PROPERTY TAX INCENTIVES (6B, 6C, 7, 7A, 7B, 8) BONDS LOW INTEREST LOANS State Incentives TAX CREDITS FINANCING TRAINING ASSISTANCE PROGRAMS Transportation Features: Environmental: Two full expressway interchanges within two mile radius Chicago Skyway & Indiana Toll Road (I-90) Bishop Ford Expressway (I-94) to Interstate Highway to I-80 & I-294 Rail Service running North & South through the site (Norfolk Southern) (Lake Calumet Corridor connecting throughout the US, Canada & Mexico) Calumet River & Lake Calumet barge service connecting to the Mississippi River via the Calumet Sag Channel & Atlantic Ocean vessel service via the St. Lawrence Seaway 12 miles from Downtown Chicago 126th Street Heavy Truck Route Commuter Access via CTA Bus #30 at 116th & Avenue O connecting /transferring to: Greyhound Terminal / Hammond 3.3 miles ( Greyhound Terminal / Chicago 95th St. 5.1 miles CTA Chicago South Shore Train 3.8 nukes ( Amtrak Terminal / Hammond / Whiting 1.7 miles ( Metra Chicago 2.4 miles ( O Hare International Airport 28 miles Gary Regional Airport 8 miles Chicago Midway Airport 13 miles On 12/08/2005 an NFR was received on all but one acre which will require an engineered Barrier. American Heritage Corporation Investment Real Estate

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14 Financial Incentives The City of Chicago and State of Illinois offer a variety of incentives to encourage businesses to expand or locate in the area. Your business may qualify for a package of assistance depending on the size and location of the project, and the number of jobs created or retained. World Business Chicago can provide an overview of available incentive programs, explain the qualification process and introduce you to the government agencies that determine eligibility. Through out the application process, World Business Chicago works to coordinate the agencies involved to meet your business needs. Some of the major incentive programs include: City Incentives Tax Increment Financing (TIF) The TIF program provides financial assistance to stimulate private investment in designated geographies throughout the city. TIF works by capturing the incremental increase in property value brought about by the improvement of the designated area and reinvesting those revenues back into the area. Expenses eligible for TIF grants include: Land acquisition, clearance and site preparation Certain environmental remediation measures Building rehabilitation and repair Signs or awnings that are permanently affixed to the building Rehabilitation and remodeling of existing tenant improvements Streets, streetscaping and other public infrastructure improvements Professional fees related to the redevelopment project Up to 30 percent of an applicant's construction period interest costs Job training and Welfare-to-Work programs Expenses not eligible for grants include: new construction, initial tenant build outs, minor repairs or improvements, or purchases of equipment.

15 Streamlined TIF Application Incorporates an easy-to-use application form and efficient approval process to pay up to 25 percent of renovation, expansion, or redevelopment costs. Assistance ranges from $25,000 to $1,000,000. Grants are paid in annual installments to participants following project completion. The grants do not have to be repaid. Small Business Improvement Fund (SBIF) Provides matching TIF grants of up to $50,000 to help small and mid-sized industrial and commercial companies improve their facilities in specially designated areas of the City. Laboratory Facilities Fund Allocates TIF assistance to second-stage or graduate technology companies seeking to construct lab space ranging in size from 5,000 to 25,000 square feet. Provides up to 25% of eligible base lab construction costs to a maximum of $1.4 million. TIF Works Businesses located within Chicago's TIF districts can access funds for workforce development activities such as customized training, English-as-a-Second-Language instruction and industry-specific instruction related to regulatory compliance. Empowerment Zone Program The Empowerment Zone (EZ) program offers special financing and tax incentives for qualified businesses in order to stimulate private investment and create jobs within designated communities. These incentives include: Employer wage credits of up to $3,000 for wages and certain training expenses paid on behalf of a qualified zone resident that works within an EZ Tax deductions of up to $37,500 of the cost to certain EZ property Tax-exempt bond financing for businesses seeking to expand within the EZ Employer wage credits up to $2,100 for hiring "high-risk youth" who reside in Empowerment Zones or Enterprise Communities Empowerment Zone businesses that are located in one of Chicago's Enterprise Zones may be eligible for additional benefits, including property, sales and income tax relief Chicago's Empowerment Zone consists of three non-contiguous areas on the City's West, near Southwest and South Sides. Enterprise Zone Program Enterprise Zones are geographic areas designated by the City and certified by the State of Illinois to receive various tax incentives and other benefits, including: Exemption from city & state sales tax on building materials purchased in Chicago 6.25% sales tax exemption on machinery and equipment used in manufacturing or assembly, or pollution control Exemption from the state tax on gas and electricity as well as administrative charges

16 Exemption from real estate title transfer tax $500 income tax credit for each job created for disadvantaged or dislocated workers Investment tax credits Property tax reduction Low interest loans Enterprise Zone Map South Chicago Property Tax Incentives Class 6(b), Class 7(a), Class 7(b) and Class 8 property tax designations reduce property tax assessment levels. Property tax classification is administered through the Cook County Assessor's Office, although the City of Chicago Department of Planning and Development may pre-qualify certain projects. Class 6b. For properties that are used primarily for industrial purposes where the owner has or will develop a new facility, substantially rehabilitate an existing facility or reoccupy an abandoned one. The property receives a16% assessment level for the first 8 years, 23% in the 9th year and 30% in the 10th year, before returning to the full 36% assessment level for industrial properties in the 11th year. Class 6c. Intended for contaminated, abandoned properties or contaminated vacant land ( brownfields ) that will be remediated and used for industrial purposes. The property receives a 16% assessment level for the first 10 years, 23% in year 11 and 30% in year 12, before returning to the full assessment level in year 13.

17 Class 7. For commercial properties located in areas determined to be in need of commercial development. Class 7a - total development costs do not exceed $2 million. Class 7b - total development costs exceed $2 million. The property receives a 16% assessment level for the first 8 years, 23% in the 9th year and 30% in the 10th year, before returning to the full 38% assessment level for commercial properties in the 11th year. Class 8. For both commercial and industrial properties located in areas defined as severely blighted. Industrial Revenue Bonds Tax-exempt bonds issued by the City on behalf of an industrial company. Offers long-term, low interest rate financing. Eligible costs projects include, new construction, renovation or the acquisition of fixed assets. Bank Participation Loans Low interest financing for 50% of eligible project costs. City participation will not exceed $250,000 for commercial projects or $500,000 for industrial projects. Funds can be used for construction, renovation and fixed assets. CBDG Float Loans A two-year loan with an interest rate fixed at 40% of prime. Minimum loan is $1 million. Must be backed by an irrevocable letter of credit from a qualified bank. Funds can be used for new construction, demolition, rehabilitation, land/building acquisition, machinery, equipment and related costs. Micro Loans Low interest loans up to $20,000 for small business projects that will create or retain jobs. Funds can be used for machinery, equipment, renovation or working capital. State Incentives Economic Development for a Growing Economy (EDGE) Provides tax credits to qualifying businesses that make a capital investment of at least $5 million and create a minimum of 25 new jobs. The amount of the credit is based on the amount of tax receipts collected from the Illinois income taxes paid by newly hired and/or retained employees. High Impact Business Program Provides tax credits and exemptions to businesses that make a minimum eligible investment of $12 million which cause the creation of 500 full-time jobs, or make a $30 million investment that retains at least 1,500 full-time jobs.

18 Large Business Development Programs (LBDP) Provides incentive financing to encourage large out-of-state companies (500 or more employees) to locate in Illinois, and also encourages existing Illinois companies to undertake major job expansion or retention projects. Corporate Relocation Headquarters Act Provides incentives for large companies that relocate their corporate headquarters to Illinois. An eligible company must relocate at least 250 corporate headquarter jobs to Illinois and have annual worldwide revenues of at least $25 billion. Industrial Training Program Assists Illinois companies in training new workers or upgrading the skills of existing workers. State Treasurer's Economic Program (STEP) Provides Illinois companies with access to affordable capital to expand their operations and retain or create jobs in the state. For each permanent full-time job that is created or retained, the Treasurer can deposit up to $25,000 at below market rates into the borrower s financial institution. That institution will then lend the money at below prevailing interest rates to the borrower. Manufacturer's Purchase Credit Tax credit for businesses that purchase manufacturing machinery and equipment. Research and Development Tax Credit A 6.5% credit for increasing research activities in Illinois.

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20 DEMOGRAPHICS ACRES VACANT LAND 116TH AND AVENUE "O", CHICAGO, IL Population 1-mi. 3-mi. 5-mi Male Population 1,243 28, , Female Population 1,325 30, ,395 % 2007 Male Population 48.40% 48.76% 46.78% % 2007 Female Population 51.60% 51.24% 53.22% 2007 Total Adult Population 1,893 42, , Total Daytime Population 2,507 46, , Total Daytime Work Population 1,200 13,287 57, Median Age Total Population Median Age Adult Population Age ,433 26, Age ,083 36, Age ,250 17, Age ,383 12, Age ,869 14, Age ,503 17, Age ,950 17, Age ,091 17, Age ,309 18, Age ,926 17, Age ,449 15, Age ,213 15, Age ,642 11, Age ,281 9, Age ,779 7, Age ,657 5, Age ,570 4, Age ,252 3,921 % 2007 Age % 9.27% 9.95% % 2007 Age % 12.08% 13.58% % 2007 Age % 5.54% 6.36% % 2007 Age % 4.06% 4.56% % 2007 Age % 4.89% 5.51% % 2007 Age % 5.97% 6.42% % 2007 Age % 6.74% 6.62% % 2007 Age % 6.98% 6.54% % 2007 Age % 7.35% 6.86% % 2007 Age % 6.70% 6.39% % 2007 Age % 5.88% 5.80% % 2007 Age % 5.48% 5.67% % 2007 Age % 4.51% 4.34% % 2007 Age % 3.89% 3.54% % 2007 Age % 3.03% 2.64% % 2007 Age % 2.83% 2.11% % 2007 Age % 2.68% 1.67% % 2007 Age % 2.14% 1.45% 2007 White Population 1,650 35,963 70, Black Population 33 5, ,192

21 2007 Asian/Hawaiian/Pacific Islander American Indian/Alaska Native Other Population (Incl 2+ Races) ,336 40, Hispanic Population 1,517 28,691 67, Non-Hispanic Population 1,052 29, ,816 % 2007 White Population 64.25% 61.33% 26.01% % 2007 Black Population 1.29% 9.90% 58.31% % 2007 Asian/Hawaiian/Pacific Islander 0.55% 0.45% 0.35% % 2007 American Indian/Alaska Native 0.62% 0.47% 0.29% % 2007 Other Population (Incl 2+ Races) 33.29% 27.86% 15.04% % 2007 Hispanic Population 59.05% 48.93% 24.87% % 2007 Non-Hispanic Population 40.95% 51.07% 75.13% 2000 Non-Hispanic White 1,108 27,652 53, Non-Hispanic Black 35 5, , Non-Hispanic Amer Indian/Alaska Native n/a Non-Hispanic Asian , Non-Hispanic Hawaiian/Pacific Islander Non-Hispanic Some Other Race n/a Non-Hispanic Two or More Races ,286 % 2000 Non-Hispanic White 94.70% 80.03% 24.41% % 2000 Non-Hispanic Black 2.99% 16.80% 73.20% % 2000 Non-Hispanic Amer Indian/Alaska Native 0.00% 0.31% 0.22% % 2000 Non-Hispanic Asian 1.45% 0.91% 0.56% % 2000 Non-Hispanic Hawaiian/Pacific Islander 0.09% 0.11% 0.03% % 2000 Non-Hispanic Some Other Race 0.00% 0.01% 0.09% % 2000 Non-Hispanic Two or More Races 0.77% 1.83% 1.50% Population Change 1-mi. 3-mi. 5-mi. Total Employees n/a n/a n/a Total Establishments n/a n/a n/a 2007 Total Population 2,568 58, , Total Households ,644 95,461 Population Change ,065 Household Change % Population Change % 1.67% -4.93% % Household Change % 2.67% -1.03% Population Change ,771 Household Change % Population Change % -1.49% -3.48% % Households Change % 2.01% 0.42% Housing 1-mi. 3-mi. 5-mi Total Housing Units , , Occupied Housing Units ,256 95, Owner Occupied Housing Units ,913 57, Renter Occupied Housing Units 88 6,344 38, Vacant Housing Units 17 1,455 8,251 % 2000 Occupied Housing Units 98.05% 93.59% 92.01% % 2000 Owner Occupied Housing Units 87.23% 65.66% 55.21% % 2000 Renter Occupied Housing Units 10.71% 27.93% 36.81% % 2000 Vacant Housing Units 2.07% 6.41% 7.99%

22 Income 1-mi. 3-mi. 5-mi Median Household Income $46,410 $38,007 $37, Per Capita Income $24,556 $19,622 $18, Average Household Income $74,276 $53,162 $52, Household Income < $10, ,852 10, Household Income $10,000-$14, ,905 7, Household Income $15,000-$19, ,534 6, Household Income $20,000-$24, ,592 7, Household Income $25,000-$29, ,366 6, Household Income $30,000-$34, ,736 6, Household Income $35,000-$39, ,392 5, Household Income $40,000-$44, ,482 6, Household Income $45,000-$49, ,543 6, Household Income $50,000-$59, ,382 10, Household Income $60,000-$74, ,267 10, Household Income $75,000-$99, ,584 6, Household Income $100,000-$124, , Household Income $125,000-$149, Household Income $150,000-$199, Household Income $200,000-$249, Household Income $250,000-$499, Household Income $500,000+ n/a n/a Household Income $200, % 2007 Household Income < $10, % 8.56% 11.27% % 2007 Household Income $10,000-$14, % 8.80% 7.76% % 2007 Household Income $15,000-$19, % 7.09% 6.68% % 2007 Household Income $20,000-$24, % 7.36% 7.57% % 2007 Household Income $25,000-$29, % 6.31% 6.99% % 2007 Household Income $30,000-$34, % 8.02% 7.24% % 2007 Household Income $35,000-$39, % 6.43% 6.22% % 2007 Household Income $40,000-$44, % 6.85% 6.35% % 2007 Household Income $45,000-$49, % 7.13% 6.44% % 2007 Household Income $50,000-$59, % 11.00% 10.54% % 2007 Household Income $60,000-$74, % 10.47% 11.27% % 2007 Household Income $75,000-$99, % 7.32% 7.13% % 2007 Household Income $100,000-$124, % 2.63% 2.41% % 2007 Household Income $125,000-$149, % 1.05% 0.98% % 2007 Household Income $150,000-$199, % 0.59% 0.62% % 2007 Household Income $200,000-$249, % 0.06% 0.11% % 2007 Household Income $250,000-$499, % 0.35% 0.42% % 2007 Household Income $500, % 0.00% 0.01% % 2007 Household Income $200, % 0.40% 0.53% Retail Sales Volume 1-mi. 3-mi. 5-mi Children/Infants Clothing Stores $220,862 $5,076,743 $22,553, Jewelry Stores $166,175 $3,830,659 $17,004, Mens Clothing Stores $325,864 $8,013,847 $36,242, Shoe Stores $306,155 $7,346,303 $32,908, Womens Clothing Stores $592,010 $15,016,888 $67,990, Automobile Dealers $4,517,321 $102,068,117 $430,080, Automotive Parts/Acc/Repair Stores $516,595 $12,175,415 $53,269, Other Motor Vehicle Dealers $149,493 $3,623,526 $16,218,014

23 2007 Tire Dealers $139,117 $3,207,258 $14,002, Hardware Stores $65,153 $1,425,004 $5,941, Home Centers $466,026 $11,435,766 $48,568, Nursery/Garden Centers $147,675 $3,335,432 $14,379, Outdoor Power Equipment Stores $65,942 $1,433,552 $5,547, Paint/Wallpaper Stores $18,847 $456,189 $1,901, Appliance/TV/Other Electronics Stores $370,744 $8,873,080 $40,130, Camera/Photographic Supplies Stores $65,377 $1,561,134 $6,840, Computer/Software Stores $203,724 $4,945,412 $21,638, Beer/Wine/Liquor Stores $237,661 $5,558,759 $24,789, Convenience/Specialty Food Stores $513,889 $14,011,401 $48,848, Restaurant Expenditures $2,216,712 $54,977,671 $198,569, Supermarkets/Other Grocery excl Conv $2,874,814 $68,531,962 $299,288, Furniture Stores $406,443 $9,599,390 $42,131, Home Furnishings Stores $236,786 $5,720,988 $25,971, Gen Merch/Appliance/Furniture Stores $3,554,834 $85,478,724 $378,576, Gasoline Stations w/ Convenience Stores $2,163,246 $57,468,655 $249,371, Other Gasoline Stations $1,649,358 $43,457,252 $200,522, Department Stores excl Leased Depts $3,925,577 $94,351,801 $418,707, General Merchandise Stores $3,148,390 $75,879,332 $336,445, Other Health/Personal Care Stores $286,610 $6,680,453 $28,437, Pharmacies/Drug Stores $1,390,916 $33,308,003 $145,286, Pet/Pet Supplies Stores $200,406 $4,902,662 $21,553, Book/Periodical/Music Stores $47,711 $1,811,712 $9,555, Hobby/Toy/Game Stores $122,305 $2,875,217 $10,685, Musical Instrument/Supplies Stores $38,378 $882,888 $3,804, Sewing/Needlework/Piece Goods Stores $10,500 $319,870 $1,548, Sporting Goods Stores $142,163 $3,432,116 $18,121, Video Tape Stores - Retail $32,484 $766,096 $3,375,512 American Heritage Corporation Investment Real Estate