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Home My WebLink About09/19/2006 EDC minutes MAYOR Irvana K. Wilks VILLAGE MANAGER Michael E. Janonis TRUSTEES Timothy J. Corcoran Paul Wm. Hoefert A. John Kom Richard M. Lohrstorfer Michaele Skowron Irvana K. Wilks Michael A. Zadel Village of Mount Prospect Community Development Department 50 South Emerson Street Mount Prospect, Illinois 60056 VILLAGE CLERK M. Lisa Angell Phone: 847/818-5328 Fax: 847/818-5329 TDD: 847/392-6064 MINUTES ECONOMIC DEVELOPMENT COMMISSION 1st Floor Community Center, Village Hall Thursday, September 19, 2006 8:00 a.m. The meeting of the Economic Development Commission (EDC) of the Village of Mount Prospect was held on Thursday September 19, 2006 in the first floor Community Center of 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 Bruce Gillilan, Tom Zander, Skip Robertson, Tom Castagnoli were present. Commissioners Ken Fritz and Ben Trapani were absent. Also present were Mayor Irvana Wilks, Bill Cooney, Director of Community Development, Ellen Divita, Deputy Director of Community Development and Stacey Dunn, Community Development Administrative Assistant. APPROVAL OF MINUTES The minutes of the June 15,2006 meeting were reviewed and approved unanimously. OLD BUSINESS Development Update Mr. Cooney provided a general overview of developments throughout the Village. He stated that the former Ramada Inn hotel was purchased by an investment group that owns five other hotels in the Chicago area and they will be submitting plans for rehabilitating the hotel. He said a T.I.F. consultant is reviewing the economic viability of the Randhurst triangle for possible redevelopment. Mr. Cooney stated that Garden Fresh anticipates a mid-October opening date. He said that the Opus project on the comer of Algonquin and Dempster is progressing. The foundation has been poured on the north building, however there may be revisions needed on the south building prior to that foundation going in. Mr. Cooney stated that a Class 6 Tax Incentive was granted to the property at 501 W. Algonquin. This building was purchased by Winchester Realty and Lapmaster will be occupying part of the building. EDC Business Retention Breakfast Meeting There was general discussion regarding the plans for the October 19th Economic Development Commission breakfast at Bristol Court. Stacey Dunn said that to date, approximately 225 invitations were sent out and there have been 20 responses. The Commission discussed additional invitees from both the Chamber and DMA membership listings. The additional invitations will be sent out in the next few days. Mr. Cooney stated the results of the ComEd/Enterpriz Cook County surveys will presented at the meeting. There was general discussion on the type of items the Commission would like to distribute at the meeting. NEW BUSINESS Economic Development Commission September 19, 2006 Minutes Page 2 Comprehensive Plan Update Ellen Divita explained that the Community Development Department is currently working on an update to the Village's Comprehensive Plan. Ms. Divita explained the update process and reviewed the projected timeline for the update. She then presented discussion questions to the Commission and there was round table discussion regarding the issues, opportunities, strengths and challenges facing the Village. The group first discussed the issues facing the Mount Prospect Business Community: · High property taxes: Mount Prospect does not have the highest in Cook County, but is nearly double that of Kane/DuPage counties ($12-$15 per square foot versus $5-$7 per square foot); . Property taxes at Randhurst will increase nearly 20% from 2006 to 2007; . Vacancies in Kensington Business Park; . Utility rates and energy costs are high for industrial users; . Leasing rates: caps include rent, tax and maintenance. Comparatively rates are flat, $15-$25 per square foot in Village, $20-$27 in Chicago; . Lack of space for outlot development. The group then discussed opportunities for the Business Community in Mount Prospect: . Proximity to airports; . Kensington Business Park (need residence hotels, offer ESL classes); . Christian College on Rand (promote/work with); . Need for restaurants and lodging on the north end of the Village; . Development potential of the Tower Inn property; . Obsolete buildings as opportunity for development; . Affluence of residence is rising; . Chicago economy is 3rd in the United States, ranks 16th in the world (as its own country). The group identified strengths of the Business Community as: . Tourism; . Ethnic diversity and the number of immigrant business start-ups; . Robust Economic Development Commission; . Importance placed on family/community; . A vailability of Class A office and distribution space; . Rejuvenated workforce and stable community (people who grew up here, move back); . Strong education system; . Public transportation (Metra, Airport, Interstates); . Proximity to Chicago; . Infrastructure. The group concluded that the Village of Mount Prospect offers a "total package" to retailers, but people just do not know that it is all here. CHAIRMAN'S REPORT There was no chairman's report. ADJOURNMENT The meeting was adjourned at 9:10 a.m. Economic Development Commission September 19,2006 Minutes Page 3 WJC:sld Respectfully submitted, William J. Cooney, Jr., AICP Director of Community Development C:\Documents and Settings\kdewis\Local Settings\Temporary Internet Files\OLK6B\Sept 19.doc