HomeMy WebLinkAbout03/02/1995 EDC MinutesMINUTES
ECONOMIC DEVELOPMENT COMMISSION
Trustees Room, Village Hall
Thursday, March 2, 1995
8:00 A.M.
The regular meeting of the Economic Development Commission of the Village of Mount Prospect
was held on Thursday morning, March 2, 1995 at the Village Hall in the Trustees Room, 100 South
Emerson Street, Mount Prospect, Illinois.
CALL TO ORDER
The meeting was called to order at 8:05 a.m. by Chairman James Ebbinghaus. Members present
were: Brian McCarthy, Ben Trapani, Norman Kurtz, Dale Jessie, Bruce Gillilan and Chairman
James Ebbinghaus. Member absent was: John Riordan. Also present were Mayor Gerald Farley;
William J. Cooney, Director of Community Development Department; and Kenneth Fritz,
Economic Development Coordinator.
APPROVAL OF MINUTES
Minutes of the February 2nd meeting were approved on a motion by Dale Jessie, seconded by
Norman Kurtz. The motion to approve the minutes passed unanimously, 6 ayes, 0 nays.
OLD BUSINESS
Status of On -Going Business Developments
The closing of AM Multigraphics was the major focus of discussion. Representatives from Colliers,
Bennett & Kahnweiler, brokers for AM Multigraphics were present to discuss the property listing
and how the Economic Development Commission and staff might be able to help market and
provide background studies for potential reuse of the property. They indicated that the market for
in -fill type developments in the Chicagoland area was very limited. Outside of the Quasar facility
in Franklin Park, the AM Multigraphics is the largest corporate headquarters vacant in the suburban
Chicagoland area.
They indicated that there were three levels that they looked to for a possible sale and use of the
property. The first would be to seek a single user to take over the entire property. The second level
would be to seek a buyout of the property with the potential for redevelopment in dividing the
670,000 square foot main facility. The third level would be to redevelop the entire site by first
demolishing the buildings on site and seek other types of development including mixed use
residential and commercial. Mr. Hank Mawieke indicated that there was some interest in buying
and subdividing the property for industrial use. He indicated that there was significant interest in
the potential of redeveloping the site through demolition for other uses such as mixed use residential
and commercial.
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Minutes
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Mr. Cooney indicated that the Planning Division staff is preparing some studies that would go into
more detail on the potential markets, site analysis in terms of types of uses that are feasible on the
site under the current zoning and what likelihood there would be for support of rezoning the property
for other uses.
An update of other properties in transition or under consideration for development include:
Sears - Real Estate Broker representing Sears indicated that a proposal has been
submitted to DiMucci for possible development to the west of Golf Plaza II on Golf
Road. The proposal is still going forward and until DiMucci rejects it, the potential
project will continue to be monitored.
2. Courtesy Menard Site - This site continues to show no major developments for the
new tenant for the building or redevelopment of the site.
Trade Service Publication - Located on West Central has received inquiries on the
54,000 square foot building. However, nothing firm has been identified as of this
date.
4. Home Depot - Demolition of the Child World property is complete and plans are
being readied for permit to start construction for the building. They plan to be
completed in Fall, 1994. Occupancy of the Ward's Auto Express should take place
later this month.
Gap Old Navy Clothing Store - Plans are moving ahead for this store in space
formerly occupied by Spiess Department Store.
In late February, contact was made by Illinois Range indicating that they would be closing their
manufacturing operation effective the first week in March. They are planning to place the building
on the real estate market with the eventual outcome to be a relocation of their manufacturing
operation to another plant out of state and the corporate offices to remain in Mount Prospect, but
perhaps in a different location.
NEW BUSINESS
Business Visitation Activity in February
Business visitations during the month of February included a visit to Mitsubishi Electric Controls
on the 16th of February. A visitation scheduled with the Telemarketing Company for the 23rd was
cancelled and rescheduled for April 11th.
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Minutes
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Chamber Consumer Expo
This year the staff is preparing a booth with a new display system for the Consumer Expo to be held
at Randhurst on Saturday March 4th and Sunday March 5th. Members of the Economic
Development Commission will be present to assist staff in manning the booth at the Expo.
Marshall Ponzi. Chairman of Village Plan Commission
Mr. Ponzi briefly outlined the activities and responsibility of the Plan Commission to the members
of the Economic Development Commission and indicated how the groups might interface on matters
dealing with long -range planning and economic development. He suggested that it would be helpful
for the Plan Commission and the Economic Development Commission to share information on
market information as it relates to business activities because it does have an impact on the long and
short range planning activities of his Commission.
ADJOURNMENT
The meeting was adjourned at 9:36 a.m.
Respectively submitted,
Kenneth H. Fritz, Economic Development Coordinator