Saverino touts Carol Stream’s economic development
A newly created tax increment financing district — and potential economic development incentives that might come from it — is helping lure a major grocer to a prominent corner in Carol Stream.
Village officials said Wednesday they’ve been in negotiations for two years with officials from Angelo Caputo’s Fresh Markets, who are expected to open a store at the southwest corner of North Avenue and Schmale Road.
The village’s economic development effort was a major highlight of Village President Frank Saverino’s annual State of the Village address Wednesday to about 100 business leaders and area officials at a Carol Stream Chamber of Commerce luncheon.
The 70,000-square-foot grocery store is expected to take up the front portion of an existing 300,000-square-foot building that once housed a distribution center for McKesson, a pharmaceutical company that moved out six years ago. The back portion of the building will house a facility for Caputo’s product testing and development, as well as a distribution center for nearby Caputo’s stores.
Bob Glees, the village’s community development director, said details of what type of economic development assistance Caputo’s could receive are being worked out. The village’s financial consultant and attorney are looking at the agreement and the plan commission and village board are expected to evaluate it in the next few months, he said.
The TIF district at North and Schmale was established by the village board late last year in an effort to encourage development at the corner.
Glees said economic development assistance “has always been on table” since village officials first started talks with Caputo’s.
Last month the village received an application for zoning approvals for the redevelopment of the property, and staff is reviewing it, Glees said.
The village has previously approved sales tax revenue sharing agreements with businesses, though it’s unclear if that would happen in Caputo’s case.
In his speech, Saverino also highlighted redevelopment efforts at a former Value City building at 1175 N. Gary Ave. that has been converted to a multi-tenant shopping center.
“It was vacant for three years,” Saverino said. “People asked me, ‘Mayor, what are we going to do with this building?’”
A ribbon-cutting was held there last weekend for the anchor tenant, Cabinets & Granite Direct, an importer and wholesaler of granite and cabinets. The company operates a 51,000-square-foot showroom and warehouse.
The Savers thrift store will move into a 35,000-square-foot “mid-size box” space at the north end of the building later this year.
There’s also room in the building for additional small shop retail space.