Land Purchase Complete for Prospect Heights Entertainment Center

Business Wire, July 26, 1999

NORTHFIELD, Ill.--(BUSINESS WIRE)--July 26, 1999--

32-acres assembled for 12,000-seat, 42-suite, luxury

entertainment & sports venue

Plans to begin construction of the new Prospect Heights Entertainment Center were solidified late Friday (July 23) with completion of the final land purchase transactions providing 32 assembled acres for the Center's site. This sets the stage for the development phase of the state-of-the-art, 12,000-seat entertainment and sports venue to be located in the northwest Chicago suburb of Prospect Heights.

Negotiations have been underway for the past four years on the proposed 300,000 square foot facility that will be built just south of Palwaukee Airport between Milwaukee Avenue and Wolf Road.

"We are elated to be able to bring the project to its official beginning after four years of extensive planning and negotiations with many parties." Prospect Development President Jack Wilson said. "We look forward to a future of providing family fun and first-class entertainment in the most modern and innovative building of its kind."

International Management Group (IMG), world leader in event and tour management, has signed a 30-year marketing agreement to manage marketing, sponsorship and promotion efforts in the building. A premier schedule of elegant concerts, theatre productions, and internationally acclaimed ice shows, such as Stars on Ice starring Scott Hamilton and Kristi Yamaguchi, will be complemented by a wide variety of professional and collegiate sporting events. According to Brian Bradley, Director of Operations for Prospect Development, IMG will soon begin discussions with national and regional corporations to assume the title rights partner position for the Entertainment Center.

The unique building layout and structure is being designed by Chicago's internationally renowned architect, HOK Sport, whose designs include United Center, Baltimore's Camden Yards, Atlanta's new Philips Arena, and many more.

The Prospect Heights Entertainment Center is expected to generate over $2 million in new property tax revenues and over $300,000 in sales, utility and parking revenues while creating 200 new jobs and increased economic activity for the area.

Prospect Development officials said that several important announcements, including groundbreaking, will be released in the near future. For more information access www.prospectdevelopment.com.