This is a pleasant piece of news reflecting continued work by the EDC and village staff. DeVry Technical Institute, first established in 1931, is in discussions about moving their corporate headquarters and university facility to the north side of DG, and it has progressed to a point where Mike Baker is bringing to council an Economic Development Agreement with DeVry for consideration, and approval to move forward.
Pulling in a new corporate resident like DeVry would kick in appreciable new revenues for the village, as indicated in the talking points in the workshop green sheets. Not a stretch to think several communities would have some sort of bid in; DeVry uses a lot of electricity and communications bandwidth, both items that generate tax revenues.
Even after the combination of rebates and credits, well over $700,000 to village coffers in fees and taxes, mainly for telecommunications and electrical use? That’d be pretty sweet. The agreement with the village (starts on page 4) is reasonable and conservative, with rebates trailing down and out as the 15 year agreement runs. The agreement has similar fingerprints to other good development agreements written in the past by Village Manager Dave Fieldman. A hat tip to EDC and Greg Bedelov for working the margins finding opportunities for growing revenues in the DG commercial component.
This Tuesday council will talk about the agreement and whether or not to green light moving ahead. There’s a lot of pluses about the deal:
DeVry University agrees to:
- Operate its corporate headquarters and university facility in Downers Grove in approximately 150,000 square feet of Highland Landmark Building V for a period of 15 years
- Reimburse the Village for a set percentage of rebate payments in the event that DeVry fails to maintain its corporate headquarters in the Village for a period of 15 years
Village of Downers Grove agrees to:
- Rebate 50% of electric, telecommunications and sales taxes for a 15-year period
- Waive seventy-five (75%) percent of permit and plan review fees associated with the initial buildout of the project.
For DeVry, ample high tech office space conveniently located with good high volume roads already in place, and even nearby rail at Main, with a nice depot capable of easy shuttle connections to the N side office space. For the village, jobs and revenues, and the opportunity to build future growth from the same company, much as Sara Lee built kitchens here after bringing out the corporate offices first.
Hopefully council approves. Really, how could they not: what is not to like about this? If DeVry inks the deal and they love it here like we do and never want to leave, maybe they bring even more of their training and learning institutes here to DG as time goes on.