Bolingbrook’s village board voted last week to approve a development agreement that will see a new warehouse building erected on a largely empty section of Veterans Parkway.
The agreement with Distribution Realty Group, LLC, will allow the company to develop an approximately 182,000-square-foot office/warehouse building in the 900 block of Veterans Parkway in the Veteran Lakes Business Park near the intersection of Veterans and Crossroads parkways.
As part of the development agreement, the village will waive up to $131,000 in permit and other fees, Village Attorney Jim Boan said.
Distribution Realty will pay Bolingbrook for $56,000 in “recapture” fees for existing infrastructure, he said.
The property is currently comprised of a storage-like building and was initially developed before that stretch of land was incorporated into the town, according to Boan.
The development agreement calls for all permits to be obtained by the company from the village by June 1, according to village documents, and the space must have a certificate of occupancy by May 31, 2016.
Boan said the property’s assessed value is currently minimal, and that building a large warehouse there will raise the village’s tax revenue.
“At best, the property is an eyesore and the village wants to clean it up,” he said.
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Trustee Ricardo Morales praised the agreement, saying that waiving the cost of building fees is worth the space being improved.
“It’s a very good use of the property, he said.
Bolingbrook will “review expeditiously” all permit applications that come in for the building, according to the agreement, and will expedite the issuing of permits and assist the company in obtaining cooperation from utilities to expeditiously install all underground utilities.
Also last week, the board signed off on a plan to allow a family eye care doctor to set up shop in an empty bank building at 310 S. Weber Rd.
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