Community Benefits of Compass Business Park
- Elimination of Elwood’s debt
$44,000 Per Household Saved. NorthPoint will make a one-time payment to cover outstanding debt owed by Elwood, saving village residents a combined $38 million in principal and interest, or approximately $44,000 per household that taxpayers would have to pay.
- New Revenue for Taxing Districts/Schools
$170 Million in Tax Revenue Generated. Money from property improvements means new tax revenue to local governments and taxing districts – from $6.8 million to $170 million per year. More than $117 million of that revenue will go to local schools and classrooms.
- No-Cost Retail Development Opportunity
NorthPoint will donate 27 acres of commercially zoned property along Route 53 to the Village, kick-starting a new retail zone to serve residents and generate new tax revenue.
- Up to 1,600 Annual Construction Jobs
The construction plan for Compass Business Park will create 1,200-1,600 construction …[read more]
Empowering the Community
Capturing the growing demand to benefit area residents
Controlling Truck Traffic
Dedicating a “closed loop” to keep trucks off local roads
Partnering with Elwood
Building meaningful relationships and career opportunities
Generating Economic Growth
Providing long-term economic benefits to the community
No Risk to Taxpayers
Bringing risk-free investment to Village and taxpayers
- During the last 10 years, Will County has experienced a 138 percent growth in freight, compared to: Chicago (10 percent); Kansas City (9 percent); Los Angeles (4 percent); and Memphis (3 percent).
- Recent expansion efforts at the BNSF Logistics Park in Elwood added five strip tracks and state-of-the-art equipment to improve efficiency and capacity. BNSF recently expanded, increasing the number of lifts by 50 percent to 1.5 million lifts annually from 1 million shipping containers passing through the area.
- Since opening in 2010, the Union Pacific’s Global IV Terminal in south Joliet has reached its full capacity, more than quadrupling its number of lifts annually from 118,461 in 2010 to 499,306 in 2016. The terminal has reached its capacity and plans to expand the intermodal are under way.
- Expansion at the intermodals means more volume, more trucks and more demand for warehousing along the Route 53 Corridor. As a result, more commercially zoned property and warehouse development are surrounding Village borders to the north and east, and more is needed to meet the demand. Larger warehouses are popping up closer to Elwood on Route 53.
- By annexing vital unincorporated land into Elwood east of Route 53, the Village benefits from long-term revenue and new projects that align with the needs of the community.
- NorthPoint is working with Village officials to ensure safe design, construction and operations.
Empowering the Community
More warehousing and distribution are going up along the Route 53 Corridor to meet the demand created by the UP and BNSF facilities. The Village of Elwood has an opportunity to capture this demand to benefit area residents.
We are committed to listening to the community and welcome your feedback to hear your ideas, concerns and needs.