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HomeMy WebLinkAbout07/06/1995 EDC MinutesMINUTES ECONOMIC DEVELOPMENT COMMISSION 2nd Floor Conference Room, Village Hall Thursday, July 6, 1995 8:00 A.M. The regular meeting of the Economic Development Commission (EDC) of the Village of Mount Prospect was held on Thursday morning, July 6, 1995 at the Village Hall in the Trustees Room, 100 South Emerson Street, Mount Prospect, Illinois. CALL TO ORDER The meeting was called to order at 8:00 a.m. by Chairman John Riordan. Members present were: Dale Jessie, Norman Kurtz, Brian McCarthy and Ben Trapani. Member absent was Bruce Gillilan: Also present were Mayor Farley; William J. Cooney, Director of Community Development Department; Dave Hulseberg, Deputy Director of Community Development; Daniel Ungerleider, Planning Coordinator; and Jim Grabowski, Planning Intern. APPROVAL OF MINUTES Minutes of the June 1 st meeting were approved on a motion by Ben Trapani, seconded by Norm Kurtz. The motion to approve the minutes passed unanimously, 5 ayes, 0 nays. OLD BUSINESS Chairman Riordan introduced Lloyd Levin to present his concept idea for downtown redevelopment. Mr. Levin stated that he is currently a resident of Mount Prospect and is in the advertising business. He stated that he feels the Village needs to create a theme for the Central Business District. He felt that we could take advantage of the airport and businesses located in Elk Grove to create an informational retail showcase in the downtown. He felt that the businesses that utilize the warehousing in Elk Grove could locate retail showcases in Mount Prospect. He felt that once a concept plan was put in place, the Village could market it to such corporations as Disney and the Hyatt Companies for funding. He said he felt it was necessary for the Village to have a dream so that the downtown could be an exciting future city. Chairman Riordan stated he felt that this was a futuristic plan. Mr. Trapani asked Mr. Levin if he had conducted any financial analysis for the proposal. Mr. Levin stated he had not, but felt that could be easily accomplished. Chairman Riordan stated that he felt it would be appropriate for the Commission to discuss this matter at a future time after they have had the opportunity to consider it further. Mr. Levin distributed business cards and requested that Commissioners contact him directly with any additional questions on this concept. Review of Current Business Development Contacts Mr. Cooney stated that several Randhurst projects were moving ahead as scheduled. Randhurst has completed the ring road near the new Jewel facility and the new building would be under construction this month. The Gap Old Navy opened on June 1st and is doing very well. Mr. Economic Development Commission Minutes Page 2 McCarthy stated that this is Gap's third most productive store in operation. The General Cinema project will be going forward to the Zoning Board on July 10. If approved, the project could be constructed this fall. Mr. Cooney stated that he had spoken to the brokers of the AM International building who indicated they may be closing on the property within the next several weeks. The possible user would subdivide the building internally and utilize the existing office space. Hyundai Precision Tools has closed on a 43,000 square foot space in the Kensington Business Park. They will be relocating from Bensenville to occupy this space. Braun Hinges has a contract to purchase seven vacant acres in Kensington Business Park. The contract is conditioned upon a Class 6 Tax Abatement and IRB financing. Mr. Cooney stated that he has had several contacts regarding the Winona School of Photography for both residential and office uses. It is his understanding, that there is a contract to purchase for a townhome development. Mr. Cooney also stated that the Post Office is reviewing plans for reconfiguring the parking lot on Central Road. The major issues involve the final location of the drop -off box and general traffic concerns have been discussed. Mr. Cooney indicated that the Small Business Development Center would begin operating on Wednesday, July 12, in the Village Hall. They stated that they would be open on the second and fourth Wednesdays of each month and would be located in a meeting room in the Health Division. Business Liaison Letter - Follow -up Mr. Cooney stated that the Commission had sent a introductory letter to the various businesses that they are liaison. He asked that each Commissioner follow -up with .phone calls to each of these businesses to determine, among other things, if a retention visit would be appropriate. The Commission agreed to follow -up with this and report back at the next meeting. NEW BUSINESS Downtown Vacancy Report Tim Grabowski, Planning Intern, distributed the downtown vacancy report to the Commission. He stated that he had done a survey of properties in the downtown and found that there is an 11% vacancy rate. He stated that staff would utilize the report as a reference when individuals are looking for space in town. The study indicates the property owner, square footage, lease rate and contact person for each property. Mr. Cooney added that, while the vacancy rate was relatively low, several occupied properties were under - utilized. He indicated staff would be working with local property owners to redevelop sites and to improve the quality of merchants in the downtown. There Economic Development Commission Minutes Page 3 was significant discussion regarding the approach the Village should take regarding redevelopment ofthe downtown. Mr. Ben Trapani stated he would do a brief review of the financials of acquiring properties in the downtown. There is general concurrence that the Village should be more active in their pursuit of redevelopment opportunities. ADJOURNMENT The meeting was adjourned at 9:15 a.m.