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Elgin approves sale and master-lease plan to spur 120,000‑sq. ft. industrial building
Summary
The Elgin City Council approved a purchase-and-sale agreement allowing the Elgin Economic Development Corporation to sell roughly 11.5 acres in Elgin Business Park 3 to Downstream Interests LLC for a Class A 120,000‑square‑foot industrial speculative building, with an EDC backstop lease and minimum $10 million capital investment.
Elgin's City Council voted April 21 to approve a purchase-and-sale agreement between the Elgin Economic Development Corporation (EDC) and Downstream Interests LLC that clears the way for a roughly 120,000‑square‑foot Class A industrial speculative building in Elgin Business Park 3.
Kaylee Fry, director of economic development for the Elgin EDC, told the council the two lots total about 11.5 acres on the road between Walmart and Whataburger and that the EDC structured the deal to help recruit industrial tenants and expand the city's industrial tax base.…
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