Glenview, Prospect Heights Reach Annexation Deal Over Allstate Campus

Glenview IL

03 June, 2022

4:03 PM

Description

GLENVIEW, IL — A soon-to-be developed, state-of-the-art logistics campus that will take over the property that is currently owned by Allstate will be annexed by the Village of Glenview after village officials reached an agreement with the City of Prospect Heights that was announced on Friday. The deal is connected to amendments to the 1997 Milwaukee-Sanders Corridor agreement, which was signed to ensure sound planning and development within the corridor, officials said. Now, under Friday's deal, the Village of Glenview will annex the entire Allstate campus as part of an agreement with Dermody Properties, which is developing the campus. Last year, Allstate announced plans to sell portions of its corporate headquarters, which is located in unincorporated Cook County. Dermody Properties is a national developer that is reinventing the space into a state-of-the-art logistics campus. The project, in turn, generated discussions between the two communities, according to a news release. On Friday, officials announced the deal between Glenview and Prospect Heights to allow Allstate and Dermody to file an annexation petition with Glenview for the entire campus. The agreement calls on Glenview to pay Prospect Heights 18 percent of the property and sales taxes collected on the development every year, officials said. The development review process for the logistics campus is scheduled to begin on June 22, and once constructed, is expected to generate more than $12 million in new revenues for the two municipalities over the next 10 years. Glenview will also make two upfront payments to Prospect Heights before any of the property is redeveloped. "We're pleased to have come to an agreement on this quickly and in the best interest of both communities," Glenview Village President Mike Jenny said in a news release on Friday. "Keeping the entire development in one municipality will help ensure an efficient review and proper oversight of the land." Prospect Heights officials agreed. "Good government is about working together to do what's best for residents, business owners, and stakeholders," Prospect Heights acting Mayor Matt Dolick said. "Both communities have a great deal to gain from this agreement, and we look forward to working with the Village and the property owners as the development moves forward."