The village is providing more than $11 million in TIF money forsite-related improvements for the project. In return, the companyhas agreed to not build any other distribution facility within 50miles until the project here is complete. The village also helpedsecure a $1 million state Transportation Economic Assistance Grant,to finance a portion of the roadway improvements to the newheadquarters. In return, the company has agreed to create at leastemploy at least 500 people at Uline's new campus within threeyears, and keep them for at least four years. The village will haveto pay the TEA grant back to the state if the number isn't reached."The agreements protect the village, we're committing a lot forthis project," says Mike Pollocoff, village administrator. "Weexpect the company to employ close to 1,000 people, so we know thatthe 500 employee deal is safe."

Construction for the distribution facility is expected to becomplete by the end of next year, and will initially employ 200people. The second phase of the project will include the officebuilding and 800,000 sf of distribution, with project completionplanned for 2015. "This will have a significant impact on our localand regional economy," said Village president John Steinbrink Sr.in a statement.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.