HomeMy WebLinkAbout10/28/2021 EDC MinutesMAYOR
Paul Wm. Hoefert
TRUSTEES
Agostino S. Filippone
Terri Gens
John J. Matuszak
Peggy Pissarreck
Richard F. Rogers
Colleen E. Saccotelli
116
Village of Mount Prospect
50 S. Emerson Street, Mount Prospect, Illinois 60056
MINUTES
ECONOMIC DEVELOPMENT COMMISSION
Village Hall — 50 S. Emerson Street
Thursday, October 28, 2021
8:00 a.m.
VILLAGE MANAGER
Michael J. Cassady
VILLAGE CLERK
Karen Agoranos
Phone: 847/392-6000
Fax: 847/392-6022
www.mountprospect.org
The meeting of the Economic Development Commission (EDC) of the Village of Mount Prospect
was held on Thursday, September 23 d in the third floor Executive Conference Room in the Village
Hall, 50 South Emerson Street, Mount Prospect, Illinois.
CALL TO ORDER
Jim Drew called the meeting to order at 8:00 a.m. Commissioners John Healy, Dan Novak, Jim
Peterson and David Roe were present. Also present were Bill Cooney, Director of Community
Development, and Senior Development Planner Connor Harmon.
APPROVAL OF MINUTES
The minutes of September 23, 2021 meeting were reviewed and approved unanimously.
CITIZENS TO BE HEARD
No comments.
OLD BUSINESS
Development Update
Mr. Cooney provided a brief update on various developments throughout the Village.
NEW BUSINESS
Randhurst Village Subdivision
Mr. Cooney introduced Chris Ressa, Jack Rosencrans and Andrew Scott from DLC. Mr. Cooney
stated that they were attending the meeting to provide an overview of why they are seeking the
proposed subdivision and to answer any questions that the Commission may have on that
request.
Village of Mount Prospect I Page 2
Mr. Ressa stated that DLC was pursuing the subdivision to provide them with flexibility moving
forward with their efforts at revitalizing the center. He stated that if approved, DLC would likely
sell off some of the properties to raise capital to pay down existing debt on the center. They would
then likely refinance their current debt at a lower rate and use those funds to reinvest in the center.
The commissioners had several questions related to the short and long term impacts that the
subdivision may have on the center. In addition, the commissioners asked what DLC's plan was
for investing in the center if the subdivision were approved. DLC advised that the primary focus
was on re -tenanting the former Carson's space and the Main Street vacancies.
After a lengthy discussion, the commission voted 5-0 to recommend that the Village Board
approve the Randhurst Village subdivision as presented.
OTHER BUSINESS
There was no other business to discuss.
ADJOURNMENT
The meeting was adjourned at 9:00 a.m.
Respectfully submitted,
William J. Cooney
Director of Community Development