It's on: Suburbs versus the city.

That's among the area's oldest economic development matchups and, right now, an interesting contest is shaping up over who is going to win the headquarters of massive manufacturer Caterpillar, which last week said it was leaving longtime home Peoria for the "Chicago area."

Even as the company's brain trust made its startling relocation proclamation, some observers considered it a fait accompli that the HQ would end up in or around the West Loop. As such, Cat would join fellow blue chippers, including Google and McDonald's, in a quest to raise (or find) its "cool" factor and lure a more digitally savvy and multicultural workforce.

But real estate and economic development sources say Cat, which sells big machinery and construction products worldwide, is also pretty serious about being near O'Hare International Airport. That doesn't rule Chicago out, but it does open up opportunities for DuPage County and Cook County's Rosemont, which border the airport from opposite directions, and crave such a high-profile company.

"The marquee value is very, very valuable," says John Carpenter, CEO of the Choose DuPage Economic Development Alliance.

Already, DuPage County Board Chairman Dan Cronin has sent a letter to Caterpillar CEO James Umpleby touting his west suburban area and stressing a willingness to work with Cat's relocation team.

Although no tax breaks or deals are mentioned, Cronin's letter stresses DuPage's business base and that the ongoing Western Access O'Hare Project will provide "convenient, hassle-free access" to the airport.

That's true, but it won't be for a while.

Peoria resident discusses Caterpillar's HQ move to Chicago area

Peoria resident Ryan Murphy discusses Caterpillar's plan to move its headquarters out of Peoria to the Chicago area. Jan. 31, 2017. (John J. Kim / Chicago Tribune)

Peoria resident Ryan Murphy discusses Caterpillar's plan to move its headquarters out of Peoria to the Chicago area. Jan. 31, 2017. (John J. Kim / Chicago Tribune)

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The estimated $3.4 billion roadway project is being constructed in stages until 2025 with a ramp into O'Hare as soon as 2019, according to the Illinois Tollway.

On the eastern side of the airport, Rosemont Mayor Bradley Stephens is mulling ways to entice the company brass.

Right now, the catnip on the table includes using a tax increment financing district, property or other types of tax breaks, helping with office build-outs and other sweeteners, says Gary Mack, a village spokesman.

Since Cat seems intent on renting office space for its estimated 300 employees, the village is also open to working with a landlord on a package that would help land Cat, he added.

Mayor Stephens hasn't spoken to Cat's CEO but hopes to soon have a conversation. "We'd love to have them here and you can't get any closer to O'Hare than Rosemont," Mack said.

While the suburbs are openly teeing up their sales pitches, the city of Chicago is being — shall we say — more circumspect.

Views from Peoria on Jan. 31, 2017, the day Caterpillar announced it will move its headquarters to the Chicago area from the central Illinois city.

(John J. Kim / Chicago Tribune)

City Hall isn't saying if it is in talks with Caterpillar but Mayor Rahm Emanuel has cheered the company's relocation decision.

Anything can happen, but realistically it seems unlikely the city will offer Cat any major public tax breaks or big relocation incentives, even if the suburbs go that way.

This is a much different era than before.

In 2001, for example, the city and state combined to give Boeing about $58 million in various incentives over an estimated 25-year span to relocate its HQ to Chicago from Seattle — beating out Dallas and Denver.

Now, Chicago and Illinois' heavy burden of public debt, which amounts to hundreds of billions of dollars in unpaid bills, growing operating costs and underfunded pension liabilities makes such corporate largesse unseemly and unaffordable.

Right now, City Hall's message is more like: "Other major corporations have made the move to Chicago. Why not you?"

Caterpillar isn't saying too much either.

In an email to me, Caterpillar spokesperson Corrie Scott said the company has "been in touch with several different community leaders in the Chicago area since our announcement," but didn't expand on that reply.

However, Caterpillar did add it wasn't slamming the door on any opportunity that offered to discuss public perks.

"Incentives were not the driver in our announcement. However, we are considering all options as we select a site," Scott said in the email.

That's an intriguing comment.

To me, it says taxpayers may help pave the way for Cat's big Chicago-area move.

roreed@chicagotribune.com

Twitter @reedtribbiz

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