The DuPage Airport Authority went on a land-acquisition spree in the late 1980s and early 1990s, buying more than 900 acres on the edges of the West Chicago airfield for about $23 million.
Airport officials wanted to create a buffer zone around the field and also figured the land could be leased eventually to generate the income needed to end the airport’s reliance on property-tax revenues.
In recent months, the airport board has been under pressure to push ahead with plans for developing the property–pressure that has increased with talk of a possible motor speedway on several hundred acres of the land.
But on Monday, the board decided to slow down a bit.
Board members said they want more time before choosing from among three investor groups that have been pitching to develop a speedway on airport-owned land south of Roosevelt Road, near the Fermi National Accelerator Laboratory and the DuPage-Kane County line.
The board delayed a decision until a special meeting scheduled for Dec. 23, although both airport staff and the board’s development consultant offered strong recommendations that the nod go to the Motorsports Alliance. The alliance is a joint venture that includes the owners of the Daytona International Speedway in Florida and the Indianapolis Speedway in Indiana, as well as Menard Inc., a chain of home-improvement stores based in Eau Claire, Wis.
With the delay, though, comes additional pieces that now have to be fit into the airport’s development puzzle.
After putting off their decision on the racetrack issue, board members heard presentations Monday from two additional groups interested in pursuing development on other parcels of airport property:
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– One is the Chicago-based Venterra real estate development group, which is seeking to build a 150-suite business hotel on about five acres near the airport’s Flight Center building. The group is building a similar hotel at the airport in South Bend, Ind.
– Another group has ambitious plans to lease 50 acres north of Roosevelt Road near Kautz Road to build a 105,000-square-foot restaurant and entertainment complex that also would include a hotel and year-round water park.
Silver Star Inc., based in Sandwich, promises a high-quality restaurant, convention and banquet facilities and a schedule of concerts that would range from country music to comedy.
Board members suggested that staff members pursue meetings with both groups.
The racetrack interests made their presentations last month at a special board committee meeting.
Joseph Kindlon, airport board chairman, had said he hoped board members could select from among the three at Monday’s meeting.
But last week, DuPage County Board Chairman Gayle Franzen, who appointed eight of the nine members of the airport board, suggested the selection be delayed. Franzen reportedly wanted to avoid any perception that the airport board, much-criticized in the past, was ramming through a decision without allowing for community reaction.
Kindlon insisted that the reason for the delay was to give board members the opportunity to sort through the additional material provided by the three investor groups and to allow two of the groups time to provide information on their financing plans.
“We have been given a lot of additional information; it would be impossible for me to vote today,” Kindlon said.
The other racetrack groups are Tag Sport Ltd., headed by Geneva business executive William R. Kautz, which wants to put European-style grand prix racing in the middle of a corporate office and high-tech business park; and the DuPage Speedway and Entertainment Complex, headed by Indy-car team owner Chip Ganassi and Charles H. Gesner Jr., an investment banker in Palm Beach, Fla., with experience in financing sports facilities.
Motorsports Alliance proposes to build a $60 million, 1 1/2-mile oval track with seating for 80,000 spectators and 20 to 30 corporate suites. Initial plans are for two annual racing events at the track.
The venture’s partners are the International Speedway Corp., which owns Daytona and two other speedways, as well as interests in other properties; the Indianapolis Motor Speedway Corp.; and Menard Inc. Menard’s owner, John Menard, has put together an Indy-car racing team.
“The combined entities have provided sufficient evidence of their financial capability to undertake a project of the size and scope being proposed,” wrote Dan Hanesworth, the board’s consultant on development issues.
The alliance urged the board to make a quick decision.
“Timing is very critical,” said Phillip L. Bayt, an Indianapolis lawyer who represents the group.
He said the group was prepared to put down what he described as a deposit of $100,000 to option about 700 acres of property for the eight to 12 months needed to determine whether building a racetrack is financially feasible and to complete traffic, noise and other environmental studies.
Jack R. Snyder, another of the venture’s lawyers, said there appear to be no obstacles to constructing a racetrack at the site.
“We’re disappointed the decision wasn’t made today, but we understand the responsibilities of the airport board,” he said.