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Clarius Partners, LLC

4300 West Roosevelt Road


Negotiated Sale of Land

David L. Reifman
Commissioner

Clarius Park Chicago Westside


North Lawndale
Community Area

Roosevelt-Cicero
Industrial Corridor TIF
Enterprise Zone #1

Clarius Park Chicago Westside


21 Acres

M2-2 Zoning (South Parcel zoned PD


941)

In one of Mayor Emanuel's Newly


Announced Industrial Growth Zones

Appraised Value: $2,550,000 (2.75/sf )

Public Benefits

Retained and/or Created Permanent Jobs


Creation of Construction Jobs
Expanding the Tax Base
MBE/WBE Participation
City Residency Construction Worker
Requirement
Project will achieve LEED Certification or
equivalent

Clarius Park - Chicago Westside


Industrial Space: (Phases 1 & 2)
3 Buildings totaling 319,850 sf
Retail Space: (Phase 3)
3 Retail Buildings totaling 60, 850 sf
Job Creation:
380 Construction
380 Permanent
LEED Certification or equivalent
TPC: $42.5 MM

Clarius Park Chicago Westside

Clarius Park Chicago Westside


Environment Offset/Assistance:

$ 650,000 Environmental Escrow

$878,954 Jobs/Wage Escrow


Conditional, performance-based
price write-down criteria:

Local Westside Jobs


Job Creation
Job Wages

Maximum offset /assistance of


$1,528,954 is 4% of TPC

Applicant will pay


would pay $1, 021,046

Jobs/Wages Performance Rebate

Criterion

Weight

Local Westside Jobs

50%

Job Creation

25%

Job Wages

25%

Occupier
Industrial &
Retail
Industrial
Retail
Industrial &
Retail

Baseline Expectation

Exemplary Performance

0% FTE Jobs Local

50% FTE Jobs Local

1 Job / 5,000 RSF


1 Job / 1000 RSF

1 Job / 1,700 RSF


1 Job / 515 RSF

$11.00/Hour

$15.00/Hour

Extraordinary Employment
Incentive

Occupier

Minimum Threshold

Maximum Threshold

Job Creation

Industrial
Retail

1 Job / 1,700 RSF


1 Job / 515 RSF

1 Job / 1,000 RSF


1 Job / 350 RSF

Sources and Uses of Funds


Sources
Equity
Debt
Total Sources

Amount
$16,322,364
$26,200,000
$42,522,364

% of total
38%
62%
100%

Uses
Land Acquisition
Hard Costs
Soft Costs
Development Fees
Tenant Improvements
Leasing Commissions
Interest Carry
Operating Deficit
Contingency
Total Uses

Amount
$1,021,046
$24,778,500
$3,678,878
$1,189,646
$7,122,550
$1,757,328
$1,147,639
$219,964
$1,606,813
$42,522,364

$/sf of Building*
$2.68 psf
$65.09 psf
$9.66 psf
$3.12 psf
$18.71 psf
$4.62 psf
$3.01 psf
$0.58 psf
$4.22 psf
$111.70 psf

*Gross building area is 380,700 square feet

Clarius Park Chicago Westside


Development Timeline
1.

Land Sale Closing NLT April 1, 2017

2.

Phase 1_Speculative Development, with Construction Start 6 to 12 months


of Closing NLT 1st Quarter 2018, Constr. Completion by 1st Quarter 2019

3.

Phase 2_ Build to Suit Development _Construction Start_1st Quarter 2019_


Completion/Occupancy 1st Quarter 2020

4.

Phase 3_ Retail Construction Start 1st Quarter 2020 and Completed 1st
Quarter 2021

5.

Final Certificate of Completion and Escrow Payments by 1st Quarter 2022

Clarius Park Chicago Westside

Jobs/Wages Performance Rebate

Criterion

Weight

Local Westside Jobs

50%

Job Creation

25%

Job Wages

25%

Occupier
Industrial &
Retail
Industrial
Retail
Industrial &
Retail

Baseline Expectation

Exemplary Performance

0% FTE Jobs Local

50% FTE Jobs Local

1 Job / 5,000 RSF


1 Job / 1000 RSF

1 Job / 1,700 RSF


1 Job / 515 RSF

$11.00/Hour

$15.00/Hour

Extraordinary Employment
Incentive

Occupier

Minimum Threshold

Maximum Threshold

Job Creation

Industrial
Retail

1 Job / 1,700 RSF


1 Job / 515 RSF

1 Job / 1,000 RSF


1 Job / 350 RSF