Weas Development plans to build a 109,000-square-foot office and research building on a blighted site in Glendale and is seeking $3.1 million from the city in a developer incentive for the project.
The building is planned for a 6.37-acre site at the southeast corner of North Green Bay Avenue (Highway 57) and West Civic Drive.
Glendale’s Community Development Authority is slated to consider the Weas request at a Wednesday meeting. City administration officials plan to create a tax incremental financing district for the project that would encompass the site and would generate the $3.1 million developer incentive, as well as $945,000 in public infrastructure projects, $80,000 in interest on long-term debt, and $123,000 in administrative costs related to the creation and administration of the taxing district. So the total cost for the TIF would be about $4.25 million.
Meeting materials and a proposed TIF project plan do not state what the tenant would be for the building. But city documents indicate there are expected to be 200 people working in the building.
City officials and representatives for Weas could not immediately be reached for comment.
The $3.1 million in development incentives is intended to offset extraordinary costs associated with the impact of the site’s contaminated and unstable soils, according to a city document.
The estimated taxable value of the project once it is completed is expected to be $21.8 million.
If approved, construction would begin this year and be completed in 2023.