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HomeMy WebLinkAbout08/11/1994 EDC MinutesMINUTES ECONOMIC DEVELOPMENT COMMISSION Trustees Room, Village Hall Thursday, August 11, 1994 8:00 A.M. A meeting of the Economic Development Commission of the Village of Mount Prospect was held on Thursday morning 8:00, August 11, 1994, at the Village Hall in the Trustees Room, 100 South Emerson Street. CALL TO ORDER The meeting was called to order at 8:05 a.m. by Chairman James Ebbinghaus. Members present were: Ben Trapani, Dale Jessie and Chairman James Ebbinghaus. Members absent were: John Riordan and Brian McCarthy. Also present were Mayor Skip Farley; William J. Cooney, Director of Planning; Diane McCarthy, Planning Intern; and Kenneth Fritz, Economic Development Coordinator. APPROVAL OF MINUTES Minutes of the March 2nd, May 4th and May 31 st meetings of 1994 were approved on a motion by Ben Trapani, seconded by Jim Ebbinghaus. The minutes were approved as submitted. OLD BUSINESS Review Status of Potential Businesses Mr. Fritz briefly reviewed the status of potential businesses that are considering location in Mount Prospect. He also reviewed the activity and contacts that he has made in regard to such sites as the Lake Center Corporate Park area at Algonquin and Elmhurst Roads; the Courtesy/Menard's site on Rand Road; the six -acre site on Kensington at Wolf for potential annexation and development; and the Rand Road parcel of approximately two acres owned by Century Tile and currently listed for sale. Mr. Fritz reported that ETA Circuit Breakers recently broke ground for their new facility in the Kensington Center for Business. Dale Jesse stated that American Cyanamid taxes have increased 110% from the 1992 to 1993 tax year. He indicated if other people are having the same problems then he has some real concerns about the impact of industry and business in Cook County and particularly in Mount Prospect. NEW BUSINESS EDC Newsletter Ken Fritz introduced Diane McCarthy, Planning Intern, assisting the department for the summer months. Diane indicated some of the ideas that were put together in structuring a rough draft of a newsletter for the Economic Development activities to be shared with the Village Board. It was the feeling of the Economic Development Commission members that the audience to whom the newsletter is director should be more than just the Village Board and other commissions. They felt that the business community could benefit from the newsletter as well. Economic Development Commission Minutes Page 2 Business/Industry Space - Vacancy Survey The business /industry space vacancy survey was sent out at the end of July. We have received approximately 13% of the survey forms. The retail strip centers are being mailed separate forms to the property owner in an effort to speed up the process of response. It was suggested that we may take a look at a second mailing provided we can find a convenient way to notify those not yet responding. The Chamber will be placing a reminder notice in the Chamber newsletter that goes out to approximately 700 Mount Prospect businesses. Illinois Superconductor Request for 6B Tax Abatement Program with Cook County Assessor Bill Cooney made a brief presentation indicating that the Illinois Superconductor Corporation is seeking to occupy the building at 451 Kingston Court in the Kensington Center for Business. They plan to use the premise for manufacturing, research and development, assembly and warehousing electrical and electronic components and equipment. The primary market for their companies product will be the wireless telecommunications industry including the cellular telephone equipment industry. They estimate that the location will create 40 to 50 jobs within 19 months of completion, and will contain approximately 28,000 square feet devoted to manufacturing, development of common areas and 6,000 square feet of office space. The date for rehabilitation of the site and building is estimated to begin September of this year. They plan a major renovation of the building and property with cost estimated over $1 million. A motion was made by Ben Trapani, seconded by Dale Jesse, to endorse the request for a resolution to be approved by the Mayor and Village Board of Trustees with regard to their application before Cook County Assessor's Office for a 6B Tax Abatement application. The motion passed unanimously. ADJOURNMENT The meeting was adjourned at 9:42 a.m. ' \