A committee studying strategies for Mt. Prospect’s downtown redevelopment wrapped up work Tuesday on the first draft of a plan to draw more residents and businesses into the central business district.
The next stop for the plan is a Dec. 6 workshop and open house, where committee Chairman Michael Hoffman will make a presentation to the Village Board and other members of the community.
Input at that meeting will go into a final draft of the plan, which the committee expects to vote on Dec. 16. Village trustees are expected to discuss the draft Dec. 23, at which time the board may give the green light to advertise for developers’ proposals.
Land acquisition for the first phase of the project could begin in 1998, and for the final two phases from 1999 to 2001.
Projected costs, which include property acquisition, demolition of structures and infrastructure renovations, are estimated at $16.4 million and would be paid through tax increment financing bonds.
Village Finance Department projections show a $2 million surplus in the TIF fund at the end of 2008, when the village’s downtown TIF district expires.
However, Community Development Director Bill Cooney told the committee Tuesday that the village must act quickly to take advantage of current market conditions and TIF financing.
“It does work,” Cooney said. “Everything we’ve talked about can happen.”
The project would result in a major transformation of downtown Mt. Prospect.
As envisioned by the committee, the new, pedestrian-friendly downtown would incorporate the existing businesses along the north side of Busse Avenue between Main and Wille Streets, though their buildings would require exterior and interior improvements.
Several one- and two-story commercial buildings would be razed to make room for condominium buildings up to eight stories and with retail and office space on the ground floor.
Also, the Village Hall would be relocated into a new municipal center fronted by a large village green. A multilevel parking garage would serve the municipal center, library and downtown businesses.
Some existing businesses that cannot afford space in the redeveloped properties may have to be relocated, according to the plan. At the east end of the redevelopment area, the plan proposes a row of townhouses.
