Form 990 for tax year 2023

Totals

Total revenue

$678,276

Total expenses

$623,806

Contributions and grants received

$540,000

Grants paid

$0

Program service revenue

$134,410

Investment income

$3,866

Other revenue

$0

Total assets, end of year

$591,459

Total liabilities, end of year

$270,000

Net assets or fund balances, end of year

$321,459

Program services expenses (Part IX)

$536,766

Management and general expenses

$87,040

Fundraising expenses

$0

Program service expenses (Part III)

$536,766

Program services were 86.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2023

• 2023 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 2023: ADORN512 NEARLY DOUBLED THEIR EXISTING RETAIL SPACE AT 1010 CURTISS STREET WHEN THEY TOOK OVER AND CONNECTED TO THE ADJOINING RETAIL SPACE. BARBERWORLD OPENED AFTER BUILDING OUT THEIR NEW SPACE AT 1510 75TH STREET, UNIT C IN THE GROVE SHOPPING CENTER. BONITA BOWLS OPENED FOR BUSINESS AT 4956 MAIN STREET IN THE DOWNTOWN. BONITA BOWLS PURCHASED THE PROPERTY AND COMPLETED UPDATED THE INSIDE AND EXTERIOR FAADE. ARNIVORE & THE QUEEN AT 2241 COMPLETED CONSTRUCTION OF THEIR EXPANSION IN APRIL. OPUS DEVELOPMENT COMPLETED THE NEW DASH APARTMENTS COMPLEX AT 926 MAPLE IN DOWNTOWN DOWNERS GROVE. OPUS ASSEMBLED THREE PARCELS FOR THE 167-UNIT PROJECT, WHICH OPENED IN MAY 2023. DURAVANT COMPLETED A MAJOR RENOVATION OF THEIR CORPORATE HEADQUARTERS AT 3500 LACEY ROAD. ELEVEN26 BEGAN CONSTRUCTION OF THEIR NEW RESTAURANT SPACE AT 5126 MAIN STREET IN THE DOWNTOWN. THE RESTAURANT IS LOOKING FORWARD TO A GRAND OPENING IN 2024. FLEXCO AT 2001 BUTTERFIELD IN THE ESPLANADE AT LOCUST POINT BUSINESS PARK COMPLETED A REMODELING OF THEIR CORPORATE OFFICES. CASTLE CARS GENESIS OF DOWNERS GROVE BEGAN CONSTRUCTION OF THEIR NEW DEALERSHIP AT CROSS AND ODGEN AVENUE IN OCTOBER. CONSTRUCTION IS TO BE COMPLETED IN 2025. GOLDFINGER BREWING COMPANY BEGAN CONSTRUCTION ON A MAJOR EXPANSION OF THEIR BREWING FACILITY AT 513 ROGERS STREET WITH AN EXPECTED COMPLETION IN 2024. THE HOLIDAY INN EXPRESS BEGAN CONSTRUCTION OF THEIR UPGRADED LOBBY AND EXPANSION. CONSTRUCTION TO BE COMPLETED IN 2024. INDVESTIA CAPITAL LLC COMPLETED CONSTRUCTION OF A NEW 7,000 SQ. FT. MULTI- TENANT COMMERCIAL BUILDING AT 935 OGDEN AVENUE. BUILD-OUT OF THE TENANTS TO BEGIN IN 2024 FOR MCALISTER'S DELI, BUFFALO WILD WINGS AND PEARL VISION CENTER. INSPERITY AN HR SERVICES COMPANY COMPLETED THE REMODEL OF THEIR CORPORATE OFFICES AT 1901 BUTTERFIELD ROAD IN THE ESPLANADE AT LOCUST POINT BUSINESS PARK. LYTLE HOUSE BEGAN CONSTRUCTION IN 2023 AT 4919 BELMONT ROAD FOR A NEW BUILDING TO INCLUDE A PHOTOGRAPHY STUDIO AND SPECIAL EVENT SPACE. MAGENIUM SOLUTIONS A MICROSOFT SOLUTIONS COMPANY COMPLETED THE BUILDOUT OF THEIR CORPORATE OFFICES AT 3025 HIGHLAND PARKWAY IN THE HIGHLAND LANDMARK BUSINESS PARK. THE DOWNERS GROVE PARK DISTRICT BEGAN CONSTRUCTION AT MCCOLLUM PARK FOR NEW SPRAY PADS, NEW TENNIS AND PICKLEBALL COURTS, RECONSTRUCTION OF PATHWAYS, NEW SHELTERS AND STORM SEWER IMPROVEMENTS TO BE COMPLETED IN 2024. MEADOWBROOK SHOPPING CENTER BEGAN THE TIF CREATION PROCESS WITH THE VILLAGE FOR THE REHABILITATION OF THE CENTER. PLANS TO BE REVIEWED AT A VILLAGE BOARD MEETING IN 2024. MIDWESTERN UNIVERSITY BEGAN 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. MOLINA HEATH AT 2001 BUTTERFIELD ROAD COMPLETED A MAJOR RENOVATION OF THEIR CORPORATE OFFICES IN THE ESPLANADE AT LOCUST POINT BUSINESS PARK. OAK TRACE CONTINUED 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. THE PROJECT IS PLANNED TO BE COMPLETED IN SPRING 2024. PEPPERS PAWS OPENED FOR BUSINESS IN OCTOBER AFTER A LENGTHY REMODELING OF THE EXISTING BUILDING AT 1227 OGDEN AVENUE. POPEYE'S CAJUN KITCHEN AT 621 COMPLETED CONSTRUCTION OF THEIR NEW LOCATION WITH DINING ROOM AND DRIVE THRU IN OCTOBER 2023. POUNDCAKE BAKERY OPENED IN THEIR NEW RETAIL SPACE IN DOWNTOWN AT 5228 MAIN STREET. HOLLADAY PROPERTIES COMPLETED CONSTRUCTION OF A 122-ROOM WOODSPRING SUITES HOTEL AT 2751 OGDEN. IN ADDITION TO THE 48,660 SQ. FT. HOTEL, HOLLADAY'S DEVELOPMENT PLAN INCLUDES A RESTAURANT SITE.

  Expenses $536,766 · Revenue $674,410

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type

form_990

Tax year

2023

Filed

19 August 2024

IRS schema version

2023v5.0

Source object

202412539349300031

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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