Sports Complex, Other Economic Development Programs Moving Forward
The Vegas connection continues to remain strong for Macomb and McDonough County.
Macomb Area Economic Development CEO and President Kim Pierce and Mike Inman were in Las Vegas last month, as they have for the past decade, for the annual International Council of Shopping Centers (ISCS), where they continued to market properties – both land and existing retail spaces in Macomb and McDonough County – to 25,000-30,000 professionals, retailers, developers and brokers. They also talked to potential developers for Macomb's proposed sports complex and the related economic development that goes along with the complex, according to Inman.
Sports Facilities Complex Update: Notice of Intent Filed, Conversation Ongoing with Potential Developer On May 26, seven days before the June 1 deadline, the City of Macomb filed with the Illinois Department of Economic Opportunity (DCEO) its intent to establish a Sales Tax and Revenue (STAR) Bond District and pursue the incentives through the state's revamped STAR Bond program, which, if received, will make it possible for the city to move forward with the proposed sports complex. Communities planning to pursue the competitive state grant had to file by June 1 an intent to pursue a STAR Bond. The intent to pursue does not obligate the city, Inman explained.
But as part of the application for the STAR Bond, which is due Jan. 1, 2028, a private developer must be in place before the city can start the nearly year-long application process, which begins next Jan. 1. Enter the Las Vegas connections.
'Kim and I met with two potential master developers, and we are now having ongoing conversations,” Inman shared. 'One developer, in particular, has a history with STAR Bonds, not only in Illinois, but Missouri as well, so they understand these bonds and their significance.'
According to Pierce and Inman, they're walking through the process with prospective developers, and believe that an agreement will happen in order to meet the required criterion for the STAR Bond application.
'We can't apply without a master developer, so if we don't have one in place by the end of the year, we cannot move forward,' Inman pointed out. 'We just have to hammer out an agreement with a developer.'
Earlier this year, the city – with council approval – entered into a $2 million purchase agreement with Jackson, LLC of Peoria for the 30-acres of land at the East Jackson/ Bower Road intersection. There will be no cost to the city if the economic development project, which includes the sports complex, does not shake out.
The facility will feature a 25,000-squarefoot 'family recreation center' that could include an arcade, laser tag, zip line and other features which will be open yearround for area residents and visitors, the mayor said. In addition to the complex, there will be an ancillary development around the property—including hotels, retail shops and restaurants - and may also include a new community pool.
The startup cost to build Macomb's sports complex is $58.4 million. The city, which undertakes the cost of building the facility, would own the complex, but a third party, likely Sports Facilities Company (SFC), would manage it. The concept is that the sports complex will be an anchor for a much larger retail and commercial development.
The various funding sources for the economic development project totaling $70 million include donations (5-15%); grants (3-10%); other (2-5%); and revenue bonds (70-90%). Approximately $69.2 million of the funding will be used for land/property and construction costs, equipment, 'soft' costs, as well as a contingency fund of around $4.8 million. Property tax dollars will not be used, Inman stressed once again. Should the city receive STAR Bonds funding, those dollars will help pay for the development, and the sales tax established within that business development district will also assist with the costs Economic Development Update Two years ago, MAEDCO purchased the remediated property from Ameren, which previously owned the site directly across from The Ice House (formerly The Change of Pace) over to East Carroll Street, in order to provide new development opportunities for potential investors, as well as to spruce up one of Macomb's most visible and high traffic intersections, Pierce said. During the ICSC, she and the mayor met with a potential developer who is interested in the property.
'The opportunities are there to make this high visibility site an attractive option for developers,' Pierce stated. 'It's an ideal property for the right developer.'
The pair also met with The Carrington Company, whom they first encountered at the convention in May 2023, and through that networking connection, led to the establishment of The Prairie Crossing, housing T.J.Maxx and Hobby Lobby in the former K-Mart building. There remains a potential for two other tenants on the building's west end, and Inman said Carrington is actively working on tenant acquisition and development at this property and others within the Macomb area.
'We also met with other tenant brokers, and established more connections, including the development of the Randolph House,' Inman added.
The City of Macomb purchased the historic downtown building in February as part of its downtown revitalization efforts. The building once housed the Randolph House Hotel – considered to be one of the best hotels between Chicago and St. Louis back in the day – and where Abraham Lincoln stayed twice, on Aug. 25, 1858 and a few months later on Oct. 25, when he was stumping for Senate against his rival, Stephen Douglas. The site also became a place for mourners to pay their respects following Lincoln's assassination. The city used TIF funding totaling $215,000 to purchase the building from the previous owners. The two businesses will continue to reside in their respective spaces, paying rent to the City of Macomb until a developer takes over and decides what to do with the building.
'We have an agreement with a consulting firm and they've recently conducted a LIDAR (or Light Detection and Ranging, which uses laser pulses to measure distances and map 3D spaces) scan, and this will help us provide more information to potential developers,' the mayor said. 'The plan is for a developer to take over the project to develop the first floor into retail space, and the second floor into a boutique- style hotel, as well as to restore and preserve the room Lincoln stayed in.'
Both Pierce and Inman considered their ICSC trip successful.
Beyond Vegas
The Vegas convention is just one piece of the economic development pie, MAEDCO in concert with Mayor Inman and the city, continues to seek interested developers for numerous properties and space within the community and the county.
