HomeMy WebLinkAbout99-86 Resolution No. 99-86
RESOLUTION
AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT WITH
MARKUR DEVELOPMENT, CORP. FOR 150-154 EAST CHICAGO STREET
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that Kevin Kelly, Mayor, and Dolonna Mecum, City
Clerk, be and are hereby authorized and directed to execute a
Development Agreement on behalf of the City of Elgin with
Markur Development, Corp. for the redevelopment of the property
located at 150-154 East Chicago Street, a copy of which is
attached hereto and made a part hereof by reference.
s/ Kevin Kelly
Kevin Kelly, Mayor
Presented: March 10, 1999
Adopted: March 10, 1999
Omnibus Vote: Yeas 6 Nays 0
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
•
0 � City of Elgin Agenda Item No.
o ! ' u;,
.R4T[DEEC
December 11, 1998
TO: Mayor and Members of the City Council
FROM: Joyce A. Parker, City Manager
SUBJECT: Development Proposal for 150-154 East Chicago Street
PURPOSE
The purpose of this memorandum is to present to the Mayor and
City Council members a request from Kurt Kresmery for finan-
cial assistance from the City of Elgin in order to facilitate
the construction and rehabilitation of office space located at
150-154 East Chicago Street .
BACKGROUND
On November 6 , 1998, Mr. Kresmery submitted a redevelopment
proposal to the City which focused a downtown site located at
150-154 East Chicago Street . The project involves new con-
struction on the vacant lot located at the northeast corner of
Douglas Avenue and East Chicago Street and redevelopment of
the building located at 150-154 East Chicago Street . The
project involves the creation of 25, 000 square feet of loft-
style office and retail space . The following assistance is
being requested by Mr. Kresmery:
1) Provide $350 , 000 cash contribution in three installments .
a) $150, 000 at closing
b) $100, 000 at 30% occupancy
c) $100 , 000 at 70% occupancy
2) Long-term parking agreement for 80 parking spaces within
the new City parking lot .
3) Property tax relief .
4) Abate permit fees .
Mr. Kresmery contends that the implementation of the proposed
project will redevelop a vacant lot and an under-utilized
building, attract 50 to 100 new employees to the downtown
area, increase the property tax base and stimulate similar
redevelopment in the downtown. It is anticipated that con-
struction will begin early in 1999, the exterior work will be
•
Development Proposal for 150-154 East Chicago Street
December 11, 1998
Page 2
completed in July of 1999 and the first tenant space will be
available in October of 1999 . The building should be fully
occupied by the close of the year 2000 .
The staff assessment of the request from Mr. Kresmery included
a review of other incentive programs that have been packaged
for other developers . The following common elements were
present within most of the incentive programs .
1) Performance based.
2) Payouts were spread out over several years .
3) In many instances, public improvements were funded.
4) . Additional well-paying jobs were added to the local
economy.
5) The level or amount of property taxes attributed to the
site increased.
The level of City participation in the total project cost
varied relative to the location of the development . City
participation in downtown projects ranged from 13 to 15
percent of the developer' s financial commitment . City partic-
ipation in outlying projects, Randall Road area, ranged from
three to ten percent of the developer' s financial contribu-
tion.
Mr. Kresmery estimates _ that the development of the office
space will cost approximately $2 .3 million. Fifteen percent
of $2 . 3 million is $345, 000 .
A $345, 000 incentive package for the development of 150-154
East Chicago Street could be structured in the following way:
1) Provide a $345 , 000 redevelopment grant to the developer
based upon the following payout schedule :
a) $115, 000 when 7, 600 gross square feet of the build-
ing space is leased.
b) $115 , 000 when an addition 7, 700 gross square feet of
the building space is leased and occupied.
c) $115 , 000 when the final 7, 700 gross square feet of
building space is leased and occupied.
d) The calculations of leased space shall only apply to
new tenants . Currently, 2 , 000 square feet of space
is occupied by existing tenants .
e) No permit fees shall be waived or property taxes
abated.
Development Proposal for 150-154 East Chicago Street
December 11, 1998
Page 3
f) The first payment shall not occur prior to March 31,
1999 . The second payment shall not occur prior to
October 31, 1999 . The final payment shall not occur
prior to January 31, 2000 .
2) Parking
a) The City shall commit that prior to October 1, 1999,
25, ten-hour parking spaces shall be available
within reasonable proximity to the subject property
for use by those individuals employed at the subject
property.
b) The Cityshall commit that prior to December 31,
1999, an additional 25, ten-hour parking spaces
shall be available within reasonable proximity to
the subject property for use by those individuals
employed at the subject property.
c) The City shall commit that prior to June 30 , 2000 ,
an additional 30, ten-hour parking spaces shall be
available within reasonable proximity to the subject
property for use by those individuals employed at
the subject property.
d) The above-referenced commitment to parking avail-
ability does not constitute a dedication of specific
parking spaces or reserved parking spaces for use by
the developer. For purposes of this development
agreement, the_ NBD parking lot and the Civic Center
parking lot are considered to be within reasonable
proximity of the proposed development .
3) The Enterprise Zone sales tax waiver benefit shall be
available to the developer.
The terms of any assistance provided to Mr. Kresmery should be
detailed in a formal development agreement . The agreement
should specify that failure on the part of the developer to
perform shall result in a reimbursement of monies provided by
the City.
COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED
The Downtown Neighborhood Association and the New Century
Partnership are on record approving the dedication of specific
parking spaces for employees of new development in the down-
town area.
•
Development Proposal for 150-154 East Chicago Street
December 11, 1998
Page 4
FINANCIAL IMPACT
The incentive to Markur Development would total $345, 000 and
would be paid over two fiscal years ($230, 000 in 1999 and
$115, 000 in the year 2000) . A total of $662 , 500 has been
identified in the proposed 1999 budget for economic develop-
ment initiatives . A portion of those dollars will be utilized
for the Cook County Auto Dealer Incentive . However, suffi-
cient dollars should be available to pay for this project .
Account number 276-0000-791 . 80-27 will be charged.
LEGAL IMPACT
A development agreement will need to be negotiated with the
principals of Markur Development .
ALTERNATIVES
1) Determine the level of participation that the City
Council is willing to support and direct staff to develop
an Agreement with Markur Development that reflects such
participation.
2) Advise Mr. Kresmery that the Mayor and City Council do
not wish to participate in the proposed project .
RECOMMENDATION
Staff recommends that the $345, 000 development assistance
package, as identified . above, should be considered as incen-
tives for the redevelopment project proposed for 150-154 East
Chicago Street .
spectfully submi ed,
44-1(--t-- a - ado j
ce UA. Parker
City Manager
amp
Attachments
•
DRAFT 1/7/99
RAGREE/KRESMERY.DA
DEVELOPMENT AGREEMENT
This agreement made and entered into this 22A4 day of February, 1999, by and
between the CITY OF ELGIN, an Illinois municipal corporation (hereinafter referred to as the
"City"), and MARKUR DEVELOPMENT, CORP., an Illinois corporation, (hereinafter
referred to as "Developer").
WITNESSETH
WHEREAS, Developer is the developer of the property consisting of the vacant
lot located at the northeast corner of Douglas Avenue and East Chicago Street and the building
located at 150-154 East Chicago Street, such property being legally described in Exhibit A
attached hereto (hereinafter referred to as the "Subject Property"); and
WHEREAS, Developer, after consultations and negotiations with the City
concerning certain development assistance, has determined to proceed with the redevelopment
of the Subject Property; and
WHEREAS, Developer's proposed redevelopment of the Subject Project is
currently estimated to represent a 2.3 million dollar investment by Developer resulting in the
creation of approximately 25,000 square feet of loft-style office and retail space; and
WHEREAS, it is unlikely that such redevelopment of the Subject Property will
occur in the absence of limited economic assistance; and
WHEREAS, in order to provide for the continued redevelopment of the City
including the redevelopment of the Subject Property and the ongoing redevelopment of the
center city area the City has agreed to provide Certain development assistance; and
WHEREAS, the redevelopment of the Subject Property will result in an increase
in the city's tax revenues and an increase in the tax revenues to other local taxing districts; and
WHEREAS, the Subject Property is one of the predominate sites in the center
city area and the redevelopment of the Subject Property will likely result in the stimulation of
further redevelopment and improvements in the center city area; and
WHEREAS, the redevelopment of the Subject Property will result in
approximately 50 to 100 new employment opportunities in the center city area; and
WHEREAS, the City of Elgin is a home rule unit authorized to exercise and
perform any function relating to its government and affairs; and
WHEREAS, the development assistance resulting in significant increases in the
city's tax base, spurring additional redevelopment and creating additional employment
opportunities in the center city area are matters within the government and affairs of the City of
Elgin.
NOW, THEREFORE, for and in consideration of the mutual promises and
undertakings contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. That the foregoing recitals are incorporated in this agreement in their entirety.
2. That Developer agrees to commence construction and redevelopment of the
Subject Property within ninety (90) days hereof which in general shall consist of the
construction of a new four-story brick office building on the vacant lot on the Subject Property
and the renovation of the adjacent existing commercial building resulting in the creation of
approximately 25,000 square feet of new loft-style office and retail space and to complete such
redevelopment of the Subject Property pursuant to the plans and specifications referenced in
-2-
Exhibit B hereto no later than December 31, 2000 (hereinafter referred to as the "Completion
Date"), provided, however, that such Completion Date for the redevelopment of the Subject
Property shall be extended by one day for each day of which construction is delayed or stopped
due to accident, strikes, shortages of material, extreme weather, acts of God, or other causes
not within Developer's reasonable control.
3. That in consideration for the Developer's undertaking of the redevelopment
of the Subject Property and substantial investment in the center city area the City agrees to
provide a Three Hundred Forty-Five Thousand Dollar ($345,000) economic development grant
to the Developer to be used by the Developer for improvements on the Subject Property. These
funds shall be distributed to the Developer in three (3) installments. The first installment of
One Hundred Fifteen Thousand Dollars ($115,000) shall be paid to the Developer when 7,600
square feet of the new office and retail space of the Subject Property, is leased by tenants not
currently occupying the Subject Property, provided however, such first installment shall in no
event be paid prior to March 31, 1999, or more than three (3) months before such tenants
occupy the Subject Property. The second installment of One Hundred Fifteen Thousand Dollars
($115,000) shall be paid to the Developer when an additional 7,700 square feet of the new
office and retail space of the Subject Property is leased and occupied by tenants not currently
occupying the Subject Property, provided however, such second installment payment shall in
no event be paid prior to October 31, 1999. The third installment of One Hundred Fifteen
Thousand Dollars ($115,000) shall be paid to the Developer when ninety percent (90%) of the
square feet of the entire office and retail space of the Subject Property is leased and occupied
by tenants, provided however, such third and final installment payment shall in no event be
paid to Developer prior to January 31, 2000.
-3-
4. That on or before October 1, 1999, the City agrees to construct or otherwise
make available an additional twenty-five (25) ten-hour parking spaces within reasonable
proximity to the Subject Property for use by the general public including persons employed or
utilizing the Subject Property. On or before December 31, 1999, the City further agrees to
construct or otherwise make available an additional twenty-five (25) ten-hour parking spaces
within reasonable proximity to the Subject Property for use by the general public including
persons employed or utilizing the Subject Property. On or before June 30, 2000, the City
further agrees to construct or otherwise make available an additional thirty (30) ten-hour
parking spaces within reasonable proximity to the Subject Property for use by the general
public including persons employed or utilizing the Subject Property. The subject commitments
herein to construct or make available additional parking spaces does not constitute a dedication
of specific parking spaces or reservation of parking spaces for use solely by the Developer or
occupants or users of the Subject Property it being agreed and understood that the parking
spaces referenced herein shall be available for use by all members of the general public. The
City's obligation to construct or make available additional parking spaces as provided herein
does not require that all such additional parking spaces be newly constructed and may instead
include amending parking restrictions on existing public parking spaces to allow for ten-hour
parking for such existing parking spaces. Such parking areas required to be provided by the
City pursuant to this Agreement shall not include space which has been allocated to other
businesses under separate agreements with the City, including but not limited to Pancor, Inc. or
Promac. For the purposes of this Development Agreement the NBD parking lot site at the
southwest corner of Chicago Street and South Grove Avenue and the civic center parking lot at
-4-
the northwest corner of Douglas Avenue and Highland Avenue are considered to be within
reasonable proximity of the Subject Property.
5. That in consideration of the development assistance being provided by the
City Developer does hereby covenant and agree to forever waive any right to claim or apply for
any so-called "enterprise zone" abatement of any portion of the real estate taxes levied against
the Subject Property.
6. That the parties understand and agree that the economic development
assistance being provided by the City to Developer as set forth herein is expressly contingent
upon Developer's redevelopment of the Subject Property as set forth herein. In the event the
Developer fails to complete the redevelopment of the Subject Property on or before the
Completion Date, as such date may be extended pursuant to the preceding paragraph 2, the
parties understand and agree that Developer shall reimburse the City in full any funds
distributed to the City under the economic development grant as provided for in the preceding
paragraph 3 and the City's obligation to construct or make available additional parking spaces
as provided in the preceding paragraph 4 shall be null and void.
7. That this agreement shall not be deemed or construed to create an
employment, joint venture, partnership, or other agency relationship between the parties
hereto.
8. That all notices or other communications hereunder shall be made in writing
and shall be deemed given if personally delivered or mailed by registered or certified mail,
return receipt requested, to the parties at the following addresses, or at such other addresses for
a party as shall be specified by like notice, and shall be deemed received on the date on which
said hand delivered or the second business day following the date on which so mailed:
—5—
Mar 04 99 12: 50p Fuller and Herres 847-381 -8519 p. 2
•
TO THE CITY: TO DEVELOPER:
City of Elgin Markur Development, Inc.
150 Dexter Court 168 East Highland Avenue
Elgin, IL 60120-5555 Elgin, Illinois 60120
Attention: City Manager Attention: Kurt Kresmery
9. That the failure by a party to enforce any provision of this agreement against
the other party shall not be deemed a waive of the right to do so thereafter.
10. That this agreement may be modified or amended only in writing signed by
both parties hereto, or their permitted successors or assigns, as the case may be.
11. That this Development Agreement contains the entire agreement and
understanding of the parties hereto with respect to the subject matter as set forth herein, all
prior agreements and understandings having been merged herein and extinguished hereby.
12. That this agreement is and shall be deemed and construed to be a joint and
collective work product of the City and the Developer and, as such, this agreement shall not
be construed against the other party, as the otherwise purported drafter of same, by any court
of competent jurisdiction in order to resolve any inconsistency, ambiguity, vagueness or
conflict, if any, in the terms or provisions contained herein.
13. That this agreement is subject to and shall be governed by the laws of the
State of Illinois.
14. That this agreement shall be binding on the parties hereto and their respective
successors and permitted assigns. This agreement and the obligations herein may not be
assigned without the express written consent of each of the parties hereto.
-6-
•
IN WITNESS WHEREOF, the parties hereto have entered into and executed
this agreement on the date and year first written above.
CITY OF ELGIN, a municipal MARKUR DEVELOPMENT, CORP., an
corporation Illinois corporation
By �1,2/9 q B 1
Kevin Kelly, Mayor Its President
Attest: Attest:
By /`
DolonnaMecum,
Clerk
Its ecu , iCtyC1e �-
-7-
, • ,Mar 04 99 12: 50p Fuller and Herres 847-381 -6518 p. 3
EXHIBIT A
PARCEL 1:
THE EAST 1/3 OF LOT 6(EXCEPT THE NORTHERLY 10 FEET THEREOF)IN BLOCK 16
OF THE ORIGINAL TOWN OF ELGIN, ON THE EAST SIDE OF THE FOX RIVER, IN THE
CITY OF ELGIN, KANE COUNTY, ILLINOIS.
PARCEL 2:
THE EAST 22 FEET OF THE WEST 44 FEET(FRONTING ON CHICAGO STREET)OF LOT
6 IN BLOCK 16 OF THE ORIGINAL TOWN OF ELGIN, ON THE EAST SIDE OF THE FOX
RIVER (EXCEPTING THAT PART CONVEYED TO THE CITY OF ELGIN, BY DEED
DATED MARCH 14, 1867 AND RECORDED APRIL 2, 1883 AS DOCUMENT 23342 IN
BOOK 178, PAGE 116), IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS.
PARCEL 3:
THE WEST 1/3 OF LOT 6 (EXCEPT THE NORTH 9 FEET THEREOF) IN BLOCK 16 OF
THE ORIGINAL TOWN OF ELGIN ON THE EAST SIDE OF FOX RIVER, IN THE CITY OF
ELGIN, KANE COUNTY, ILLINOIS.
.----.... .4.--.
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SITE FLANSCALE I' = 20' O' 01.I
150-154 East Chicago St. Elgin, IL
12/1/98
Appraisal $ 2,500.00
Title insurance $ 1,000.00
Closing Points $ 3,500.00
Attorney Fees $ 5,000.00
Soil Borings & report $ 3,000.00
$ 15,000.00
Concept Drawings $ 4,500.00
Consluting fees $ 500.00
Drawing copies $ 500.00
Misc. $ 2,000.00
$ 7,500.00
Working drawings $ 35,000.00
Permits $ 15,000.00
FWRD $ 5,000.00
Demo &disposal $ 45,000.00
South Side FacadeR/R $ 42,000.00
Excavation $ 22,500.00
Concrete foundation $ 27,000.00
Concrete flat work $ 58,000.00
Masonry $325,000.00
Floor decking joists $ 54,000.00
Flooring decks $ 45,000.00
Re Roofing $ 67,500.00
Sprinkler System changes $ 68,000.00
Steel (mezz) $ 42,500.00
Steel fab. $ 35,000.00
Stair casing rough $ 45,000.00
Plumbing / Bathrooms $ 65,000.00
Fire Alarm System $ 25,700.00
Electrical $255,000.00
HVAC $135,000.00
Carpentry/Trim $ 95,000.00
Drywall & Framing $ 84,500.00
Accoustical &Tin $ 38,500.00
Misc $ 25,000.00
Finish Flooring $ 75,000.00
Painting $ 35,000.00
Elevators service $ 75,000.00
Water service $ 8,000.00
Insurance $ 4,500.00
Glazing $175,000.00
$ 2,027,700.00
Total $ 2,050,200.00
Building Cost $ 250,000.00
Total Invested $ 2,300,200.00