Wittenstein, a German manufacturer of gear boxes, broke ground for their largest expansion in company history. The company was one of the first to build in Bartlett’s Brewster Creek Business Park on Humbracht Circle back in 2005.
I was honored to be part of the groundbreaking for the expansion and enjoyed meeting several Wittenstein executives, including CEO Peter Riehle.
Background on the Brewster Creek Business Park TIF
Brewster Creek Business Park has over 75 businesses in what used to be a gravel quarry. In 1999, the Village of Bartlett partnered with gravel mine company Elmhurst-Chicago Stone and created a Tax Increment Financing (TIF) District to develop the land into a business park. Initial value of the property was an estimated $2 million, the business park added hundreds of millions of dollars in investments in two decades. The land developer received more than $120 million in reimbursements that included grading, roads, water and sewer service, landscaping, bond issuance fees and debt service.
Why This is Good for Bartlett
The TIF and companies like Wittenstein help to diversify the village’s tax base and turned an old gravel pit into an economic engine.
