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HomeMy WebLinkAbout06/21/2012 EDC MinutesMINUTES ECONOMIC DEVELOPMENT COMMISSION Executive Conference Room, Village Hall Thursday, June 21, 2012 8:00 a.m. VILLAGE MANAGER Michael E. Janonis VILLAGE CLERK M. Lisa Angell Phone: 847'818 -328 Fax: 847;818 -329 TDD: 847'392 -6064 iriria. moz �n tprospect. org The meeting of the Economic Development Commission (EDC) of the Village of Mount Prospect was held on Thursday, June 21 in the third floor Executive Conference Room in the Village Hall, 50 South Emerson Street, Mount Prospect, Illinois. CALL TO ORDER Chairman David Lindgren called the meeting to order at 8:00 a.m. Commissioners John Healy, Norm Kurtz, Tom Lowe, Dan Novak and Skip Robertson were present. Also present were Bill Cooney, Director of Community Development, Brian Simmons, Deputy Director of Community Development, Maura El Metennani, Public Information Officer, Dawn Fletcher Collins, Executive Director of the Mount Prospect Chamber of Commerce and invited guests, Michael Burns, CEO of Torburn Partners and Kelly Joyce, Broker with Colliers. APPROVAL OF MINUTES The minutes of the March 15, 2012 meeting were reviewed and approved unanimously. CITIZENS TO BE HEARD There were no citizens present. OLD BUSINESS Development Update Mr. Cooney provided brief update on various development projects throughout the Village. He updated the Commission on new tenants at Randhurst Village, indicated that Menards had submitted an application to expand their building, and that United Airlines had begun construction on their data warehouse. NEW BUSINESS 2012 Business Visitation Program / Kensington Business Center Outreach Mr. Cooney introduced Mr. Burns who is the owner of three buildings in the Kensington Business Center (KBC) and Ms. Joyce who is an active broker in the KBC. He stated that he had invited them to join in on the Commission's discussion on how the Village could enhance its efforts to address high vacancy rates in the Kensington Business Center. He stated that the Village has attempted a variety of things over the last decade to reach out to the owners and tenants in the park with limited success. Page 1 of 2 6/21/12 EDC minutes P4I @uX7C I�[C?S17GCl nL1VOR h F. Wilks TRUSTEES P `e m.e A r le ne A. Jurac Juracek rle Village of Mount Prospect A. John Dorn John J. Matuszak Community Development Department Steven S. Polit Michael A. zaael 50 South Emerson Street Mount Prospect, Illinois 60056 MINUTES ECONOMIC DEVELOPMENT COMMISSION Executive Conference Room, Village Hall Thursday, June 21, 2012 8:00 a.m. VILLAGE MANAGER Michael E. Janonis VILLAGE CLERK M. Lisa Angell Phone: 847'818 -328 Fax: 847;818 -329 TDD: 847'392 -6064 iriria. moz �n tprospect. org The meeting of the Economic Development Commission (EDC) of the Village of Mount Prospect was held on Thursday, June 21 in the third floor Executive Conference Room in the Village Hall, 50 South Emerson Street, Mount Prospect, Illinois. CALL TO ORDER Chairman David Lindgren called the meeting to order at 8:00 a.m. Commissioners John Healy, Norm Kurtz, Tom Lowe, Dan Novak and Skip Robertson were present. Also present were Bill Cooney, Director of Community Development, Brian Simmons, Deputy Director of Community Development, Maura El Metennani, Public Information Officer, Dawn Fletcher Collins, Executive Director of the Mount Prospect Chamber of Commerce and invited guests, Michael Burns, CEO of Torburn Partners and Kelly Joyce, Broker with Colliers. APPROVAL OF MINUTES The minutes of the March 15, 2012 meeting were reviewed and approved unanimously. CITIZENS TO BE HEARD There were no citizens present. OLD BUSINESS Development Update Mr. Cooney provided brief update on various development projects throughout the Village. He updated the Commission on new tenants at Randhurst Village, indicated that Menards had submitted an application to expand their building, and that United Airlines had begun construction on their data warehouse. NEW BUSINESS 2012 Business Visitation Program / Kensington Business Center Outreach Mr. Cooney introduced Mr. Burns who is the owner of three buildings in the Kensington Business Center (KBC) and Ms. Joyce who is an active broker in the KBC. He stated that he had invited them to join in on the Commission's discussion on how the Village could enhance its efforts to address high vacancy rates in the Kensington Business Center. He stated that the Village has attempted a variety of things over the last decade to reach out to the owners and tenants in the park with limited success. Page 1 of 2 6/21/12 EDC minutes Mr. Burns introduced himself and indicated that he felt that the park was a high quality development and that was one of the reasons why his company has invested in it. He stated that the biggest challenges he faces in leasing up space relate to the high tax rates and lack of quick access to transportation modes. He said that he appreciated the opportunity to discuss this matter with the EDC and that he felt that other owners in the park would be receptive to any efforts by the Village to enhance the park. He felt the Village could capitalize on the Randhurst Village redevelopment and other commercial improvements along Rand Road to market the KBC. He also felt that targeting efforts to CEOs of companies that live in Mount Prospect and surrounding communities could be a priority. Ms. Joyce echoed Mr. Burns' concerns about tax rates and access to the KBC as the biggest challenges in leasing up space. Ms. Joyce said she has brokered KBC properties for over a decade and this park has always been a challenge compared to other industrial areas throughout Chicagoland. She stated she felt the most direct competition for KBC were areas within Wheeling. She said the rents in Wheeling are approximately $6 gross; so the high taxes in KBC make it very difficult for investors to make a profit on any of the buildings. There was general discussion about reaching out to the assessor to determine why taxes were so much higher at the KBC than other properties throughout Chicago. Mr. Cooney stated that he would have Staff do an analysis on taxes and sale prices in comparable areas to determine if the Village could make a case to have the assessments lowered throughout the park. It was suggested that inviting a representative from the Assessor's Office and /or a tax attorney that does work in the area to a future EDC meeting would be appropriate. Ms. Joyce said that she believed Elk Grove Village and Des Plaines have adopted policies where they automatically grant 6B for any industrial property that becomes vacant. Mr. Cooney stated that he would check into that to see if that was something the Village should consider. The Commission thanked both Mr. Burns and Ms. Joyce for participating in discussion. The Commission intended to have further meetings to address these issues. CHAIRMAN'S REPORT There was no Chairman's Report ADJOURNMENT The meeting was adjourned at 9:25 a.m. Respectfully submitted, Bill Cooney Director of Community Development Page 2 of 2 6/21/12 EDC minutes