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A collective assessment of Elgin’s new Business Park confirms a committed investment of over $127 million and 400 jobs, with an expected greater return on revenue for land sales.
City Manager Thomas Mattis’ report comes in cooperation with the city’s Economic Development Corporation, whose primary goals are to support business growth and job creation, and tentatively confirms what the business and residential lot off U.S. Highway 290 will be bringing to Elgin.
The property has been acquired and developed by the EDC over the last five years, the same space where Carr Lane Manufacturing recently opened the doors of its $12 million facility, and still has five lots for sale.
The city spent $7.8 million on land and infrastructure, including a $1.6 million grant, and has already taken in $6.7 million of revenue on land sales.
If the remaining slots sell for what the EDC believes to be an appropriate price, they are looking to add an additional $4 million.
— City Manager Thomas Mattis “If we’re able to create 500 jobs, over a hundred million in private investment and make some profit on this, the positive cash flow, frankly, is just kind of the cherry on top of the whole deal,” said Mattis at a recent city council meeting.
The minimum number of jobs businesses have committed to bring reaches about 400, but council members believe this statistic will grow.
Money already invested into the development ranges from the $42 million of Mosaic, a modular housing manufacturer, to the $1.5 million of Southside Market’s new headquarters and office.
“That kind of investment, that kind of job creation on this kind of project, I think, demonstrates that we’ve achieved a lot already and we’re not quite done,” added Mattis.
Other businesses coming to the area include Aviator Pizza and Drafthouse, Yerico Semiconductor Manufacturing and Paravel Multi-family Homes.
Road construction is currently underway, extending streets down into the development’s cul-de-sac.
The next big decision moving forward will be how and where the city will purchase more land. An important issue before the board and the EDC, especially in a time where there aren’t any bargains to be found in Elgin, as far as land acquisition, said representatives.
“Economic development status can change dramatically, it can change a week at a time,” said Mattis.
