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HomeMy WebLinkAbout05/04/1994 EDC MintuesMINUTES ECONOMIC DEVELOPMENT COMMISSION Trustees Room, Village Hall Wednesday, May 4, 1994 6:00 P.M. CALL TO ORDER The meeting was called to order at 6:10 p.m. by Chairman James Ebbinghaus. Members present were: Ben Trapani, Karen Johnson, John Riordan, Patrick ODonnell and Chairman James Ebbinghaus. Members absent were: Dale Jessie. Also present were: Mayor Skip Farley; Trustees George Clowes, Tim Corcoran, Paul Hoefert, and Michaele Skowron; Jackie Hinaber, President of the Mount Prospect Library Board; Laura Luteri, Trustee of the Library Board; Larry Smith, Herald Representative; John Connick, Journal & Topics Representative; Village Manager Michael Janonis; William Cooney, Director of Planning; and Kenneth Fritz, Economic Development Coordinator. APPROVAL OF MINUTES Minutes of the March 2nd meeting were not presented for consideration. Therefore, the minutes for March 2nd will be considered at the next regular meeting of the Economic Development Commission. OLD BUSINESS Economic Development Commission (EDC) Role of the Village Board Staff and Commissions Chairman Ebbinghaus began the meeting by asking each member of the Economic Development Commission and the Village Board to introduce themselves and indicate what they do in a business capacity or job - related activities. Mr. Ebbinghaus then proceeded to outline what he felt was the role of the Economic Development Commission on areas of marketing and participation with the Village Trustees and staff. He also outlined several ways in which the coordination and participation by the Economic Development Commission could be strengthened resulting in a better potential for economic development in Mount Prospect. Some of the suggestions to improve the coordination and participation were as follows: Inquiries for new or expanded business be referred to staff, the Economic Development Commission and Village Board. Advice the EDC of inquiring businesses seeking to locate in Mount Prospect having significant impact on the economic base. The EDC should serve as ambassadors to business. The EDC could provide expertise within the membership and others in the business community for special projects. Economic Development Commission Minutes Page 2 Village staff should inform the EDC prior to Village Board action involving decisions having a major impact on the business community. Form a sub - committee with the Village Board to identify ways in which to honor businesses in Mount Prospect. The EDC Proposed Economic Assistance Program Chairman Ebbinghaus identified some guiding principles under the general heading of economic development tools that he felt should form the basis for a broad economic development program for the entire Village. Some of these principles were: Retain/expand existing business Attract new businessrnvestments Apply mechanisms for incentives to small, medium and large businesses Minimize the economic/legal risk Keep Mount Prospect competitive with other local governments Increase the tax base of Mount Prospect Seek replacements for discontinued or relocated businesses Look for quality in new job creation Enhance Mount Prospect as a place to reside and do business Mr. Ebbinghaus went on to give some general reasons why people seek to locate business in Mount Prospect. They were enumerated as follows: Location Customer base Proximity to O'Hare International Airport Labor force Proximity to public transportation Convenience to vendors and shopping centers Educated professional population Attractive, safe community Kensington Business Center Highly -rated Village services Randhurst Shopping Center Mr. Ebbinghaus also indicated that the business survey sent out to small and large businesses suggested some changes that the EDC and the Village Board should consider. In summary, they were as follows: Economic Development Commission Minutes Page 3 Streamline permit process Use an ombudsman or identify a point person in Village staff Expanded public transportation (Clean Air Act) Address business tax rate Support new store development First class hotel and restaurant needed Promote activities in community Entry level job inventory in short supply More industry/government interface needed Redo downtown area - new buildings, additional parking, etc. Mr. Ebbinghaus reviewed the earlier discussion with the Village Board regarding a range of different incentives that could be considered by the Village Board. He stated that an earlier white paper identified much of the choices identified under 23 different program areas. He suggested to the Village Board that seven criteria should be used to evaluate whether or not to offer incentives and they were: revenue impact; quality of jobs- created/retained; degree of firms' needs; a level of capital investments; value to Mount Prospect; is the business filling a product or service need that is void in Mount Prospect; and applicability to large, medium or small businesses. Conclusion It was the consensus of the assembled members of the EDC and the Village Board that the discussion was fruitful and should be continued at a later date. Mayor Farley suggested that the discussion be continued before the next regular meeting of the Economic Development Commission. Tuesday, May 31, was selected as the next meeting to continue the joint discussion between the EDC and the Village Board. The meeting will take place in the Trustees Room at 6:00 p.m. ADJOURNMENT The meeting was adjourned at 8:25 p.m.