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DuPage Airport Tech Park Deal is Now Official

Posted on: Tuesday, 13 September 2005, 21:00 CDT

The DuPage National Tech Park is ready to roll and research.

Officials from the DuPage Airport and Oak Brook-based CenterPoint Properties put the finishing touches Monday on a lease that could stretch 50 years and earn the West Chicago airport hundreds of millions of dollars.

"This is a milestone in the airport's history," said Dan Goodwin, airport board chairman. "This is the highest and best use of the property, in my opinion, and it is acceptable to the surrounding communities."

Under the deal, CenterPoint will pay the airport for the right to build and lease buildings on 445 acres south of Route 38 and north of Fabyan Parkway. As the area develops in 25-acre increments, the airport will receive a share of the rent that CenterPoint charges tenants.

The deal also minimizes the risks for the airport - and taxpayers.

If the plan is a bust eight years from now and nothing ever is built, the land rights will return to the airport, which also will pocket nearly $11 million, said Jack Tenison, the tech park's director.

Airport leaders are trying to run the facility more like a business to reduce its reliance on more than $6 million in taxes each year. While cutting expenses, the tech park also will prove to be a huge financial boost.

Tenison estimated the airport could reap $500 million over the life of the agreement, adding, "It has that kind of massive potential."

Last December, the airport announced an agreement with Centerpoint, triggering a long period of both sides performing their due diligence and reviews from their attorneys.

Fred Reynolds, CenterPoint senior vice president for development, said he was eager to show the plan to the company's investors this afternoon. He expects occupancy in 2006.

"There's been teamwork evident along every step of the way," Reynolds told airport leaders. "Thanks for the hard work, and we now owe you the hard work ahead."

Officials have planned a kick off ceremony for Sept. 26. House Speaker Dennis Hastert, a Plano Republican, is expected to attend.

So far, construction crews have been installing infrastructure such as a large access road, street lights, detention areas and a telecommunications building. The improvements have been paid primarily through a federal grant of more than $17 million.

Source: Daily Herald; Arlington Heights, Ill.

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