Click here to subscribe FREE to Ray Hanania's Columns
FedEx coming to Bridgeview
Company agrees to deal for 79th and Harlem
By Steve Metsch
FedEx and Bridgeview have hammered out a deal that will provide the company with needed space along busy Harlem Avenue and get the village a guaranteed income stream.
FedEx will acquire 80 acres at the northeast corner of the intersection of 79th Street and Harlem Avenue.
Doing so will result in several businesses – including Northwestern College – having to seek new locations, village officials said.
Mark Jamil, an attorney for the village, said the deal will provide the village with $450,000 in revenue through 2035.
Mayor Steve Landek said the revenue will be $400,000 annually after that until 2040.
That total matches the property taxes that won’t be paid by the existing businesses at the location, officials said.
Bridgeview Village Trustee James Cecott joined his fellow board members approving the deal with FedEx. Photo by Steve Metsch
Jamil updated the village board about the deal with FedEx when trustees held their meeting on Feb. 5.
The property was the subject of a Dec. 23 Request for Proposal issued by the village, Jamil said.
Proposals were due Jan. 13. One was received from FedEx Ground, which proposed a purchase price of $1.8 million for the site that contains some current commercial units.
“The offer of $1.8 (million) is certainly above the market rate we identified in the village’s appraisal,” Jamil said.
FedEx “wants to buy the business college and all the retail,” Landek said.
“They’re generating about $400,000 a year (in taxes) so if they took it down, they have to replace the sales tax … It would be used for truck parking, landscaped, FedEx always does a nice job. So, it’s really no loss in retail taxes for us,” Landek said.
Officials said that current tenants will likely have to pay rent to FedEx until demolition takes place.
“It’s a great project. It secures us a source of revenue,” Landek added. “We don’t lose anything.”
Email Steve Metsch at [email protected]
- Bruce Springsteen and The E Street Band are still rockin’ - August 10, 2023
- Weathering personal storms - July 20, 2023
- Countryside solution irks some - July 20, 2023
