Illinois Science + Technology Park Fact Sheet


		Section of building Q's 161,229 state-of-the-art chemistry and genomics laboratories Building Q, Gold LEED rated "green" facility Forest City delighted officials attending the July 2005 opening of the Illinois Science + Technology Park with a floor-to-ceiling balloon sculpture depicting a DNA double helix.
QUICK FACTS Click here to view web site Developer is Cleveland, Ohio-based Forest City Enterprises, Inc. Forest City is a publicly traded company. In addition to experience in residential and retail development, Forest City developed the University Park life sciences research park in cooperation with the Massachusetts Institute of Technology. Forest City’s Illinois Science + Technology Park will be developed on the 23.4-acre former Pfizer site in Downtown Skokie. The campus allows research, development, education and commercial activities to occur in close proximity, thus allowing for innovative partnerships. The campus will eventually include over one million square feet of laboratory and office space. The Illinois Science + Technology Park will immediately double the existing wet lab facilities in Illinois. The campus will ultimately result in: Approximately 3,250 direct jobs in Skokie; At least 1,000 construction-related jobs during project development; More than 10,000 additional jobs throughout Illinois; An estimated $1.8 billion annual increase in statewide economic activity; Retention of Illinois research and development firms; and Increased venture capital investment in Illinois. It is estimated that people employed on the campus will spend $2 million annually in Skokie, just on their lunch hours. Forest City estimates the project cost at $155 million. The State of Illinois has committed $5 million to the project. The Village of Skokie will provide $10 million in assistance from the proceeds of two General Obligation Bond issues supported by a new Tax Increment Financing (TIF) district. The funds are to be provided to Forest City as reimbursement for TIF eligible expenses. The assessed valuation of the Forest City property has significantly declined from a peak of $35,256,000 to a present $17,858,000 valuation. Property improvements are projected to significantly increase the assessed valuation and generate the TIF revenue necessary to pay off the bond issues. The Village and Forest City have agreed upon a project rate of return. Should the developer exceed this rate of return, the Village will receive a pro-rata return on the public investment defined as approximately 7% of the project budget, thus guaranteeing that the developer will not see an extraordinary return on investment without sharing such profit with the Village. A series of public information hearings have been held as part of the establishment of the TIF district necessary for the Village’s project support.

Section of building Q's 161,229 state-of-the-art chemistry and genomics laboratories

Building Q, Gold LEED rated "green" facility

Forest City delighted officials attending the July 2005 opening of the Illinois Science + Technology Park with a floor-to-ceiling balloon sculpture depicting a DNA double helix.

QUICK FACTS

Click here to view web site

Developer is Cleveland, Ohio-based Forest City Enterprises, Inc.
Forest City is a publicly traded company.
In addition to experience in residential and retail development, Forest City developed the University Park life sciences research park in cooperation with the Massachusetts Institute of Technology.
Forest City’s Illinois Science + Technology Park will be developed on the 23.4-acre former Pfizer site in Downtown Skokie.
The campus allows research, development, education and commercial activities to occur in close proximity, thus allowing for innovative partnerships.
The campus will eventually include over one million square feet of laboratory and office space.
The Illinois Science + Technology Park will immediately double the existing wet lab facilities in Illinois.
The campus will ultimately result in:
- Approximately 3,250 direct jobs in Skokie;
- At least 1,000 construction-related jobs during project development;
- More than 10,000 additional jobs throughout Illinois;
- An estimated $1.8 billion annual increase in statewide economic activity;
- Retention of Illinois research and development firms; and
- Increased venture capital investment in Illinois.
It is estimated that people employed on the campus will spend $2 million annually in Skokie, just on their lunch hours.
Forest City estimates the project cost at $155 million.
The State of Illinois has committed $5 million to the project.
The Village of Skokie will provide $10 million in assistance from the proceeds of two General Obligation Bond issues supported by a new Tax Increment Financing (TIF) district.
- The funds are to be provided to Forest City as reimbursement for TIF eligible expenses.
- The assessed valuation of the Forest City property has significantly declined from a peak of $35,256,000 to a present $17,858,000 valuation.
- Property improvements are projected to significantly increase the assessed valuation and generate the TIF revenue necessary to pay off the bond issues.
The Village and Forest City have agreed upon a project rate of return. Should the developer exceed this rate of return, the Village will receive a pro-rata return on the public investment defined as approximately 7% of the project budget, thus guaranteeing that the developer will not see an extraordinary return on investment without sharing such profit with the Village.
A series of public information hearings have been held as part of the establishment of the TIF district necessary for the Village’s project support.