Downers Grove Economic Development Corporation

What it reported doing in 2024

2024 program service accomplishments activities of the downers grove economic development corporation include business attraction (facilitating new business to open in the village), business retention (working with existing businesses to ensure satisfaction), visitors attraction (promoting downers grove as a destination for visitors), and marketing (creation of materials, websites, etc., participation in trade shows, and advertising). The following are highlights of the many program service accomplishments of the dgedc during 2024: ati physical therapy completed the buildout of their new corporate headquarters at 2001 butterfield road. Bales metals surface solutions at 2824 hitchcock avenue completed the expansion of their existing building with new plating equipment. Bubbly side of life at 5131 main street completed the buildout of their new retail champagne and wine tasting store in the downtown. Buffalo wild wings go completed their quick service restaurant build-out at 945 ogden avenue. Chemring energetic devices completed a major renovation of their new manufacturing facility at 2525 curtiss street. Chemring now fully occupies the 100,000 sf facility. Eleven26 continued construction of their new restaurant space at 5126 main street in the downtown. The restaurant is looking forward to a grand opening in 2025. Cna completed the build-out of their corporate office expansion at 3333 finley road. Entourage completed the build-out of their new restaurant at 5101 main street. Escapology downers grove opened for business at 1250 75th street. Escapology is an escape room / entertainment venue. Everest asian fusion began build-out of their new restaurant 1550 75th street. Hime cha boba tea completed the build-out of their new juice and tea shop at 436 75th street. Castle cars genesis of downers grove continued construction of their new dealership at cross and odgen avenue in october. Construction is to be completed in 2025. Goldfinger brewing company completed construction on a major expansion of their brewing facility at 513 rogers street including an expanded brewhouse. Lytle house completed construction in 2024 at 4919 belmont road which houses a new photography studio and special event space. Federal signal completed signed a lease and completed the build-out of their new corporate offices at 1333 butterfield road. Home goods and marshalls began renovating their new retail spaces at 1548 butterfield road in the finley square shopping center. Both retailers are scheduled to open in late 2025. Mcallister's deli opened for business in february after completing their restaurant build-out at 933 ogden avenue. The downers grove park district completed construction at mccollum park for new spray pads, new tennis and pickleball courts, reconstruction of pathways, new shelters and storm sewer improvements. Meadowbrook shopping center continued working through the tif creation process with the village for the rehabilitation of the center. Tif creation and re-development plan to be adopted in 2025. Midwestern university continued construction on their newest building at 555 31st street. This new 122,000 sf building will include administrative offices, classrooms and state-of-the-art lab spaces. Construction is scheduled for completion in 2025. Oak trace completed construction of a major expansion of their community at 270 village drive. Construction will include a two new 5-story apartment building and parking complex. Roasted elements at 4955 fairview avenue began the build-out of their coffee shop and roastery. Skyway health completed the build-out of their new corporate offices at 2001 butterfield road in the esplanade lakes office park. Vintage charm completed the build-out of their seventh retail location at 5114 main street in the downtown. Woodcraft relocated from woodridge to 504 ogden avenue. Woodcraft is a specialty woodworking and tool retail store.

Financial Efficiency

• Mission deployment rate: 83.1%; rating input score 83
• Program expense ratio: 86%; rating input score 86
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 1 of 6 controls in place; rating input score 17
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 5 of 8 controls in place; rating input score 62
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: 3.6%; rating input score 46; 46th percentile among comparable filings
• Total-asset coverage ratio: 0.86; rating input score 38; 38th percentile among comparable filings
• Liabilities to assets ratio: 0.42; rating input score 19; 19th percentile among comparable filings
• Officer compensation ratio: 24.2%; rating input score 11; 11th percentile among comparable filings

Growth

• Program expense growth: 18.9% per year; rating input score 100; 81st percentile among comparable filings
• Revenue growth: 5.7% per year; rating input score 100; 47th percentile among comparable filings
• Asset growth: 18.2% per year; rating input score 100; 79th percentile among comparable filings