The Village of Sugar Grove has released the completed Economic Impact Study for the Crown project at Sugar Grove Parkway (IL 47) and I-88. The study, which was commissioned by the Village in August 2018, was completed after Crown withdrew its petition for a 760 acre mixed-use project.
The study concluded that at full build-out, the project would have supported an estimated $1.6 billion in annual economic activity. $1.4 billion of this activity would have been within the Village, with the rest in Kane County. Kane County currently generates about $24.4 billion annually. The economic activity estimates included jobs, income and output in both directly and indirectly affected industries. Direct activity would have been generated by the businesses within the project, while indirect activity would have come from the impacts on other businesses as the re-circulation of wages and dollars spread throughout the economy. The study projected that over 9,500 jobs (combined full and part-time) would be created at full build-out.
The economic activity and jobs were not confined to the project site, but throughout the community. In addition to the Wholesale Trade, Transportation and Warehousing categories, the study predicted significant economic activity and over 3,400 jobs in sectors such as Retail Trade, Professional/Business Services, Financial Services, and Leisure and Hospitality.
The study was based on a projected 7,900,000 square feet of modern industrial building space split equally between Transportation/Logistics, Wholesale Distributors, and E-Commerce. The study did not evaluate the impact of other potential uses such as retail, restaurant, and residential. The study did not include any property taxes, utility taxes, or sales taxes that could be generated.
“There are many factors that must be evaluated when considering any project. The long term economic impact is just one the Village evaluates when determining if a project is in the best interests of the community,” said Village President Sean Michels. “The Village is appreciative of the work Gruen Gruen + Associates did on the study. I encourage interested residents to read the full study and share any thoughts they have with me, the Village Trustees and Staff.”
To view the study, click here.
For more information, please contact:
Village of Sugar Grove