Development Expected To Bring 1K Jobs To Algonquin

ALGONQUIN, IL — Village officials in Algonquin recently approved an annexation, zoning, and development agreement for NorthPoint Development. The development will feature five new industrial warehouse buildings with more than 1.6 million square feet of space on an 147-acre site in the Algonquin Corporate Campus, which is near the intersection of Randall Road and the Longmeadow Parkway.

“The NorthPoint Development is a fantastic addition to the Algonquin Corporate Campus that will generate a significant amount of jobs for the community,” said village board president Debby Sosine. “This development will provide tax growth for School District 300 and other taxing bodies, providing property tax relief for current taxpayers.”

As part of the development, a tax increment financing district was established to address chronic flooding and develop other public infrastructure improvements that have hindered development at this long vacant site. As part of this agreement, the village negotiated with NorthPoint Development to include several performance thresholds and safeguards, as well as agreeing to distribute property tax revenues to all taxing bodies immediately.

When fully developed, the NorthPoint Development site is anticipated to generate over $3.2 million in new property tax revenue to local taxing bodies, according to a news release.

In addition to a significant taxable base, it is anticipated that more than 1,000 new jobs will be created through the construction build-out as well as many high quality, full-time positions including electrical, administration, management, warehousing, and various trade positions.

“We are ecstatic to be joining and expanding the business community in Algonquin. From beginning to end their development team laid out a clear and concise process that was collaborative and made choosing Algonquin a great choice," said Tom George, vice president of acquisitions for NorthPoint Development.

“Being able to approach issues as a team enabled us to achieve such an exceptional outcome for this region," he added. "We are extremely grateful to the village board for their support and look forward to getting shovels in the ground this spring.”

The Algonquin Corporate Campus is located in the southwest portion of Algonquin near the intersection of Randall Road and Longmeadow Parkway.