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Board approves TIF incentive for 182,000‑sq‑ft speculative industrial building on Cape Parkway
Summary
Trustees approved a development agreement to support a 182,000 sq. ft. speculative industrial building (Dickman/TDC DeForest), including a pay‑go business incentive of $850,000 and a $150,000 expansion allowance; developer provided a value covenant and pledge tied to future tax revenues.
Bill Chang presented a development agreement for TDC DeForest (Dickman) to construct a speculative industrial building (~182,000 square feet) on two parcels along Cape Parkway. The village proposed a financial incentive package including an $850,000 pay‑go business incentive and a $150,000 allowance for future expansion, with a guaranteed value covenant in the agreement that sets a fair market value target of $16.2 million and projects roughly $280,000 in annual tax revenue from the site under the developer’s forecast.
Trustees noted the Dickman company’s record of filling prior buildings in DeForest and discussed the assessment and benefit structure; the board approved the resolution authorizing the development agreement and associated TIF incentives (vote recorded by the chair). Staff will move forward with the TIF setup and monitor covenant compliance and future tenant commitments.
