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On behalf of RFD, I want to thank you for your patience as we work

By Greg Ellis,2014-11-25 08:57
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On behalf of RFD, I want to thank you for your patience as we work

     MEDIA RELEASE

From the Greater Rockford Airport Authority

    For Immediate Release: July 19, 2007

    For more Information Contact:

    Bob O‟Brien, Executive Director

    815-969-4444; bob@flyrfd.com

    Airport Board Approves Tandem

     Development Group Cargo Building Project

    Rockford, IL At a special Board of Commissioners meeting held today at the Chicago Rockford International Airport (RFD), Commissioners approved an agreement between Tandem Development Group for the construction of an airside cargo spec building.

    “In conjunction with the air cargo related strategic goal, Airport Staff has expanded its efforts by nurturing relationships with area developers with the intent of developing the interest and or partnerships necessary to forge a partnership and/or relationship that could lead to construction of a „Spec Building‟ in support of the air cargo-related strategic initiative,” said

    Executive Director Bob O‟Brien.

    Board Chairman Mike Dunn said that once the project is fully operational, the proposed development will produce nearly $600,000 in gross revenues for RFD, as well as tens of thousands of dollars in tax receipts for other regional government.

“More importantly, this project will also produce millions of dollars in annual economic impact. Ultimately, this project

    should result in other air cargo-related vendors setting up operation at RFD employing dozens, if not hundreds of local and regional employees,” he continued.

Today‟s announcement involves “Leopardo –Tandem.” Leopardo is the construction partner of Tandem Development

    Group.

Project Highlights

    Tandem Development Group‟s project is a phased development of up to 33 acres of land adjacent to the primary runway (7/25). Phase I involves approximately seven (7) acres and construction of a minimum 70,000 sq. ft. building on par with the recently constructed UPS building. Tandem will lease Lot 1 of 5 from RFD with a “take down” schedule/provisions on lots 2 through 5 in subsequent years. The airport has approximately 326 acres of “airside” property available for

    development, including the above 65 acres northwest of runway 7/25.

Investment

    $10,000,000+/- investment by Tandem in development and construction costs employing local and regional workers.

Timeline for Project

    If signed today and allowing for governmental permitting and architectural design with construction subject to weather, the project could start as early as later this fall or early spring 2008. Projected completion is approximately 12 months.

Location

    The “Tandem” development will begin at the western point of runway 7/25, several thousand feet west of UPS‟s existing facility, leaving approximately 32 acres of land remaining between Tandem and UPS for other airside development projects.

    (more)

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Lease Details

    Tandem will lease Lot 1 of 5 from RFD, with a “take down” schedule/provisions on lots 2 through 5 in subsequent years.

    Lot 1 Lease Terms & Conditions:

    ; 7 acres

    ; 40 years

    ; .40 cents per square foot. (Additional rent 1% of gross rental income.)

    ; Annual CPIU adjustment

    ; Rent abatement Phased out based on occupancy, but in any event, no longer than two (2) years from date of

    lease.

    ; Airport to provide utilities to property line and preferential use ramp/access to airfield.

Lot 2 through 5 Terms &Conditions:

    ; Up to 33 acres

    ; Takedown schedule requires no interruption of development longer than two years between each parcel.

    ; Each million dollars of developer investment adds one year to the lease term.

Background: Tandem & Leopardo

    Tandem Development Group Background: Tandem Development Group LLC is a full-service commercial real estate

    development company specializing in office, industrial, retail, healthcare and mixed-use projects. Tandem actively acquires, develops, builds and finances properties, and has a depth and breadth of expertise to offer total turnkey development solutions for our clients and investors. Our seasoned leadership team has more than 100 combined years of experience in all aspects of commercial real estate including air cargo development at O‟Hare International Airport.

    We operate under the mission of establishing and strengthening Tandem as an industry leader by performing beyond the expectations of our clients, our market and our communities. For more information, please visit www.tandevgroup.com. Paul Ahern and Pierre Cowart are Principals of Tandem Development Group.

    Leopardo Construction Background: Leopardo Construction is a leading construction firm providing pre-construction, general contracting, construction management, design-build and development services. In 2007, Leopardo Construction was recognized by Engineering News-Record magazine as one of the nation‟s largest 220 contractors. The company‟s team of 500 experts has specialized capabilities in industrial, aviation, interiors, healthcare, senior housing, retail, office,

    residential condominiums, hospitality and community-related projects such as libraries, churches and educational institutions.

    For more than a quarter century, Leopardo has been recognized by peers, clients and media for consistently performing at the very top of the construction industry. In addition to its corporate headquarters in Hoffman Estates, Illinois, Leopardo

    Construction has offices in Chicago and Mount Pleasant, South Carolina, as well as job sites across the nation. For more information, please visit www.leopardo.com. Rick Mattioda is President of Leopardo Construction.

    For additional information, contact Bob O‟Brien at 815-969-4444.

    # # #

    Chicago Rockford International Airport (RFD) th10 fastest-growing passenger service airport in US! th19 fastest-growing air cargo airport in the world!

    2007 Illinois Primary Airport of the Year”

    60 Airport Dr., Rockford, IL 61109 www.FlyRFD.com

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