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HomeMy WebLinkAbout09/15/2016 EDC MinutesMAYOR TMo tit Pt Pc Arlene A. Juracek TRUSTEES Paul Wm. Hoefert John J. Matuszak Steven S. Polit Richard F. Rogers Colleen E. Saccotelli Michael A. Zadel Village of Mount Prospect 50 South Emerson Street, Mount Prospect, Illinois 60056 MINUTES ECONOMIC DEVELOPMENT COMMISSION Community Development Conference Room, Village Hall Thursday, September 15, 2016 8:00 a.m. VILLAGE MANAGER Michael J. Cassady VILLAGE CLERK M. Lisa Angell Phone: 847/392-6000 Fax: 847/392-6022 www.mounWrosl2cct.org The meeting of the Economic Development Commission (EDC) of the Village of Mount Prospect was held on Thursday, September 15th in 3 d Floor Executive Conference Room in the Village Hall, 50 South Emerson Street, Mount Prospect, Illinois. CALL TO ORDER The group voted to elect Tom Lowe to chair the meeting in the absence of Skip Robertson. Mr. Lowe called the meeting to order at 8:00 a.m. Commissioners John Healy, Norm Kurtz, Dan Novak, Jim Peterson and David Roe were present. Also present were Mayor Arlene Juracek, Michael Cassady, Village Manager, Bill Cooney, Director of Community Development, and Nellie Beckner, Assistant to the Village Manager. APPROVAL OF MINUTES The minutes of the March 17, 2016 meeting were reviewed and approved unanimously. CITIZENS TO BE HEARD Megan Roudebush indicated that she was attending the meeting to see how the commission held their meetings and to hear what is currently going on in the community. OLD BUSINESS Development Update Mr. Cooney provided a brief update on various developments throughout the Village. He highlighted several projects in the downtown district, along the Rand Road Corridor, in the Downtown and on the south side of town. NEW BUSINESS Proposed Tax Increment Financing District for Downtown Page 1 of 2 9/15/16 EDC Minutes Mr. Cooney explained that the Village had initiated the process to terminate the existing downtown TIF district and create a new district that would include a portion of the existing TIF properties in addition to new properties along NW Highway, Prospect Avenue and Central Road. He distributed a draft map that depicted the existing and proposed TIF boundaries. He explained that the new TIF would provide an economic development tool to assist in the redevelopment of several key properties including Central Plaza, the small triangle and the Parenti-Raffaelli block. In addition, the new TIF boundary would allow several property owners and/or tenants to benefit from the Fagade Rebate Program along Prospect Avenue and NW Highway. Mr. Cassady added that the new boundary would enable the Village to "fill the financial gap" on some properties that have some development challenges such as environmental contamination. The SW corner of Evergreen/Main is a prime example of such a property. The EDC discussed the topic and provided some feedback. Mr. Lowe suggested that the Village consider expanding the boundary in a few areas to encourage larger scale redevelopment opportunities. A few areas were discussed and staff indicated that they would review the feasibility of expanding the boundaries in those areas. Overall, the EDC supported the dissolution of the existing TIF and creation of a new expanded TIF district. Annexation Update Mr. Cooney gave the EDC an update of the Village annexation efforts on the south side of the Village. He explained that the Village had completed the annexation of Lynn Court, Addison Court and "East Busse Road" properties over the past several months. In addition, the Village is pursuing the annexation of over 70 acres of industrial/commercial properties located east of Higgins Creek along the south side of Algonquin Road and on Malmo Drive and Nordic Road. Those annexations are scheduled for the September 20th Village Board meeting. Mr. Cooney stated that the EDC business visitation efforts would focus on these areas in 2017. Annual EDC Breakfast — 10/20/16 Mr. Cooney reminded the EDC that the annual business breakfast was scheduled for October 20th at Old Orchard Country Club. The nomination for the EDC awards is next week and all nominations will be forwarded to the group for their review and vote. CHAIRMAN'S REPORT No new items to discuss. ADJOURNMENT The meeting was adjourned at 9:00 a.m. Respectfully submitted, William J. Cooney Director of Community Development Page 2 of 2 9/15/16 EDC Minutes