HomeMy WebLinkAbout06/24/2008 COW agenda
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AGENDA
Meeting Location:
Village Board Room, Mount Prospect Village Hall
50 South Emerson Street
Meeting Date and Time:
Tuesday, June 24, 2008
7:00 p.m.
I. CALL TO ORDER - ROLL CALL
Mayor Irvana Wilks
Trustee Timothy Corcoran
Trustee Paul Hoefert
Trustee Arlene Juracek
Trustee John Korn
Trustee Michael Zadel
II. ACCEPTANCE OF MINUTES OF JUNE 10, 2008
III. CITIZENS TO BE HEARD
IV. RANDHURST VILLAGE REDEVELOPMENT - PROPOSED PUBLIC/PRIVATE
PARTNERSHIP
JP Morgan Chase and Casto Lifestyle Properties (Casto), joint owners of the
Randhurst Mall, are proposing a significant redevelopment project for this property.
Built 46 years ago in 1962, Randhurst has been and continues to be the primary
commercial property in the Village. Casto is proposing a $150 million renovation to
the property, transforming the mall into a more contemporary lifestyle center. In
order to accomplish this undertaking, Casto is requesting that the Village contribute
$25 million in future project-generated revenues to the project.
If approved, Casto would demolish the mall portion of Randhurst and construct a
lifestyle shopping center that would include a new theater, a hotel, 2nd story office
space and approximately 200,000 square feet of new retail/restaurant space. The
project would maintain several existing retailers (Costco, Carsons, Bed Bath and
Beyond and all the outlot tenants) and relocate the AMC Theater to east end of the
property to become the focal point of the new lifestyle retail area (see attached site
plan).
The Village initiated discussions with Casto regarding the proposed public/private
partnership in 2007. While the Village was encouraged by the redevelopment
proposal, a key premise to considering any public assistance for this project was
that we must protect the sales tax revenue that currently is generated by the
property ($3.65 million in FY 2007). Therefore any public assistance would have to
be generated by new revenue produced by the redevelopment project.
Casto will present their redevelopment plan to the Village Board for preliminary
review. In addition, a framework for public financial participation will be provided to
the Village Board for their consideration.
Appropriate staff will be on hand to answer questions and facilitate discussion.
VII. MANAGER'S REPORT
VIII. ANY OTHER BUSINESS
IX. ADJOURNMENT
CLOSED SESSION
LAND ACQUISITION 51LCS 120/2 (c) (5) - The purchase or lease of real propertyforthe
use of the public body, including meetings held for the purpose of discussing whether a
particular parcel should be acquired.
PERSONNEL 5 ILCS 120/2 (c) (1) - The appointment, employment, compensation,
discipline, performance, or dismissal of specific employees of the public body, including
hearing testimony on a complaint lodged against an employee to determine its validity.
NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO A TTEND THIS MEETING BUT BECAUSE OF A
DISABILITY NEEDS SOME ACCOMMODA TION TO PARTlCIPA TE, SHOULD CONTACT THE VILLAGE
MANAGER'S OFFICE AT 50 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 847/392-6000,
EXTENSION 5327, TDD #847/392-6064.