In his 2013 State of the Village address given earlier this year, Lisle Mayor Joe Broda noted the milestone completion of the construction on the Village's first TIF Redevelopment Project and mentioned Navistar's $188.5 Million investment in the former 1.2 million square foot Lucent campus on Warrenville Road.
$188.5 Million. Remember that number.
2010
The Lisle Township Assessor placed the property's EAV (equalized assessed value) at $36.34 Million as of Jan 2010 before Navistar began any renovation or construction on the property.
- This equates to a 2010 fair market value of about $109 Million.
2011
By 2011, part of the office campus renovation had been completed and some employees moved in. The assessor decreased the EAV a bit to $36.32 Million.
- This equates to a 2011 fair market value of just under $109 Million.
2012
In February 2012, Navistar completed construction and renovation and held a grand opening. The assessor increased the EAV slightly to $39.95 Million for 2012.
Despite a reported $188.5 Million investment in the property, the 2012 assessed value was only about 10% higher than the assessed value 2 years earlier prior to any renovation or construction in 2010.
- This equates to a 2012 fair market value of about $120 Million.
2013
The Lisle Township Assessor recently released the 2013 EAV (*) for this property. The assessor has lowered the EAV to $38.45 Million, a reduction of 3.75% from 2012.
- This equates to a 2013 fair market value of about $115 Million or about $95/sf.
The projected 2013 EAV from the "Village of Lisle Preliminary TIF Projections" document was $43.31 Million. The TIF Redevelopment Project was expected to increase the property value about 20% by 2013.
By 2013, the TIF was supposed to be generating revenue to cover redevelopment costs, including reimbursement of the Village's cost to acquire about 3 acres of property from the DuPage Forest Preserve to use as a public right of way.
The incremental revenue available to use toward redevelopment costs is based on the revenue generated from annual property taxes levied on the portion of the EAV above $36.34 Million.
Remember that $188.5 Million investment number?
Records show the Village of Lisle issued several construction permits totaling approximately $70 Million for renovation construction on the former Lucent campus between 2010-2011.
By comparison, just across the street from Lisle TIF District #1 sits Central Park of Lisle.
In 2013, the 690,000 sf building located at the corner of Naperville Road and Warrenville Road sold for 58% more than its 2010 price. The 2013 sale price was $125 Million, $180/sf. $180/sf compared to $95/sf.
* Assessed values are subject to changes pending appeals and approvals of the county supervisor of assessments. Final assessed values are released in Spring 2014.
