86-40 ADDING TERRITORY TO ENTERPRISE ZONE

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PART B. DESCRIPTIVE INFORHATION C1. Total area of the existing enterprise zone: 9 . 3009 square miles� 2. Area of the proposed addition: Acres 11 . 3 Square 2iiles • 017 7 , 3. Population of the proposed addition: � 4. The proposed annexation is contiguous with the enterprise zone: Yes X 80 � PART C. PURPOSE 4F AIiENDiiED1T Explain why the amendment is being requested. St . Mary''s Hospital located at 1800 East Lake Shore Drive desires to annex the area of their property not yet included within the City' s Enterprise Zone . The hospital has retained, this past year , American Medical Buildings Company to assist them in the design , development and financial planning for a 61, 000 square foot , $5 . 7 million medical office structure on a portion of the hospital property not currently in the Enterprise Zone and located immediately south and west of the main entrance to the � hospital . The structure will include space for 29 doctors ' offices and an ambulatory surgery center which has already obtained State of Illinois Certificate of Need approval. It is expected that a total of 50 new f�.ill-time jobs will be created within two years of completion of construction. A new for-profit corporation, LaSante , Inc . , has been formed who will lease property from St . Mary' s and own the office structure to be built on the leased property. American Medical Buildings has reported that the incentives derived from being in the City' s Ent.erprise Zone will allow the new building to compete with other medical office facilities in the Decatu� area on an equal basis . They indicated even with the Enterprise Zone inclusion, projected breakeven rents must be higher than competitive rents . It is hoped that this proposed annexation of the hospital property can help to stimulate the expansion of the health care industry in Decatur and trends appear to show that more and more doctors desire to practice immediately adjacent to hospitals . ,` B1-2