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HomeMy WebLinkAbout01/22/2004 DAHC minutes MINUTES DOWNTOWN AD HOC COMMITTEE PHASE II 2nd Floor Conference Room, Village Hall Thursday, January 22, 2004 3:30 p.m. The meeting ofthe Downtown Ad Hoc Committee of the Village of Mount Prospect was held on Thursday, January 22,2004, in the second floor conference room of Village Hall, 100 South Emerson Street, Mount Prospect, Illinois. CALL TO ORDER Vice Chair Tom Zander called the meeting to order at3:30 p.m. Committee members Laurel DiPrima, Jackie Hinaber, Elizabeth Lespinasse, David Lindgren, Tom Lowe, Jean Reibel and Jim U szler were present. Chairman George Busse and Daniel Lee were absent. Also present were Bill Cooney, Director of Community Development, and Michael Jacobs, Deputy Director of Community Development. APPROVAL OF MINUTES The minutes of the January 15, 2004 Committee meeting were reviewed and approved unanimously after some minor revisions were incorporated. OLD BUSINESS There was no Old Business. NEW BUSINESS Review of Sub-Area Recommendations The Committee reviewed the summary of the recommendations for the various sub-areas that staff had incorporated. The Committee recommended some minor modifications to the text for sub-areas #1, #2, #4 & #5. There was general consensus that the document summarized their recommendations accurately with the modifications. Mr. Jacobs indicated that the summary would be incorporated into an overall report that would provide much greater detail but that staff was looking for concurrence that the summary adequately reflected the Committee's recommendations. Ms. Reibel distributed a conceptual site plan depicting a possible new mixed-use development in sub-area #5. The plan incorporated a ramp to underground parking, a new vehicular access drive on the west side of its Central Road ITontage, sufficient surface parking for the new development and for the existing bank. The committee discussed the site plan and agreed that it incorporated many of the site design elements that would be necessary for the redevelopment to be successful. TIF Financials Mr. Cooney disbursed two spreadsheets that provided an overview of the last approved TIP budget and the revenues and expenditures of their recommendations for t he various sub-areas. Hen oted that the TIP financials dated back to last summer and that he was working with the Village's Finance Director to update the current projections for the TIP. He stated that the equalized assessed values of the condominiums in the Residences proj ect were coming in much higher than were initially estimated so that the revenues should be Downtown Development Ad Hoc Committee January 22,2004 Minutes Page 2 greater than were stated in the spreadsheet. He then reviewed the estimated expenditures and revenues for the recommended development plans for the various sub-areas. He stated that the current TIP could support the recommendations for sub-areas #2 & #3 but that there were not sufficient funds to pursue sub-area #1 at this time. There was general discussion of finding ways to fund the improvements of sub-area #1. Mr. Cooney stated that the Village had previously looked into extending the life ofthe entire TIP district but determined that the financial impact on the various taxing districts was too great to warrant further discussion. He stated staffhas also investigated extending the life of the TIP for a portion of the district so that the remaining taxing districts would benefit from completed projects. The Committee generally supported the concept of a partial TIP extension to fund sub-area #1. The Committee also requested staff investigate amending the TIP to include sub-area #5 so that funds would be available to redevelop this area. Mr. Cooney said he would continue to investigate these matters and hoped to have a more complete updated spreadsheet to disburse to the Committee at the next meeting on January 29. CHAIRMAN'S REPORT There was no Chairman's report. ADJOURNMENT The Committee agreed to hold their next meeting on January 29, 2004. The meeting was adjourned at 5:05 p.m. Respectfully submitted, William J. Cooney, Jr., AICP Director of Community Development