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HomeMy WebLinkAbout09/15/1994 EDC MinutesMINUTES ECONOMIC DEVELOPMENT COMMISSION Randhurst Management Office Thursday, September 15, 1994 8:30 A.M. A special meeting of the Economic Development Commission of the Village of Mount Prospect was held on Thursday morning 8:30 a.m., September 15, 1994, at the Rouse/Randhurst Management Office, Randhurst Shopping Center, 999 North Elmhurst Road, Mount Prospect, Illinois. CALL TO ORDER The meeting was called to order at 8:35 a.m. by Chairman James Ebbinghaus. Members present were: Ben Trapani, Dale Jessie, John Riordan, Brian McCarthy and Chairman James Ebbinghaus. Members absent were: Norman Kurtz and Bruce Gillilan. Also present was Kenneth Fritz, Economic Development Coordinator. OLD BUSINESS Mr. Ebbinghaus stated the reason for the special meeting was to consider a presentation made by Rouse/Randhurst Management staff relative to the Home Depot Improvement Center being proposed on Kensington Road adjacent to the East Drive at Randhurst Shopping Center. Mr. Ebbinghaus asked Brian McCarthy and Tom Shanley of Rouse/Randhurst Management staff to present a review of the project proposal. Mr. McCarthy and Mr. Shanley presented the proposal for Home Depot's development. They stated that Home Depot planned to remove the former Child World, the Village well site and the Montgomery Ward's Automotive Center to make room for approximately 150,000 square feet of indoor and outdoor space for Home Depot's Home Improvement Center. In the process of construction Home Depot would reconstruct the Ward's Automotive Center with a new orientation on their present site. Mr. McCarthy indicated that the layout of the Home Depot facility would have the lumber area at the west end of the building and the domestic and garden area deliveries received on the east side of the building adjacent to East Drive. Because of the proximity to residential development near East Drive, efforts were made to adjust the plans to meet the concerns expressed by the nearby residents and staff. A 12 foot fence with berming and evergreen landscape materials immediately adjacent on the west side of East Drive is proposed to screen the delivery on the east side of the building. Additionally, Rouse/Randhurst indicated that Home Depot will install landscaping on the east side of East Drive of 8 to 10 foot evergreens to further help screen the activity on East Drive and Home Depot from adjacent residents. Mr. Ebbinghaus stated that the Economic Development Commission has been aware of the proposed developed since shortly after the Economic Development Commission was formed in March, 1993. He had an opportunity to meet with representatives of Randhurst, Home Depot and Village staff regarding their preliminary plans for development on the perimeter of Randhurst Shopping Center on Kensington Road at that time. Economic Development Commission Minutes Page 2 Mr. McCarthy further stated that since the first contact with Home Depot, Rouse/Randhurst and Home Depot Corporation have worked with other major tenants of the Center negotiating changes in the traffic and site layout. Mr. McCarthy indicated that on three separate occasions they met with residents in the area to discuss the scope of the project and listen to their concerns with regard to screening and traffic. He stated that during the course of the two years of negotiations with Home Depot over 100 modifications, were made to the original concept for development. In terms of economic impact, Mr. McCarthy and Mr. Shanley indicated that the proposed Home Depot development is expected to generate sales tax revenues of $5 million annually, and $325,000 in real estate tax revenues annually. The Village would realize 18.5% of the sales tax revenues while the real estate taxes would be shared by other taxing bodies in the Mount Prospect area. Home Depot's operation in Mount Prospect is expected to generate up to 250 new jobs as a result of their operation. RECOMMENDATION It was the unanimous consensus of the Economic Development Commission members present that the Commission should endorse the Home Depot redevelopment project. Chairman Ebbinghaus was authorized by the other members present to direct a letter to the Mayor and Board of Trustees so that it might be received in time for the September 20 Village Board meeting. Mr. McCarthy, as a member of Rouse/Randhurst Management staff' abstained from any voting in endorsing the Home Depot proposal. ADJOURNMENT The meeting was adjourned at 9:14 a.m.