ROSELLE
Building begins on Cornerstone
The Village Board this week unanimously passed variances for the Cornerstone Retail Center at Lake Street and Colby Court.
Developers broke ground Tuesday morning on the project officials regard as a major enhancement to the last major parcel to be developed in Roselle.
The development will be built next to a hotel and banquet center under construction, said Village Administrator Jeff O’Dell.
The development will include three buildings, with a Jimmy John’s sandwich shop confirmed, said Todd Eichholz, vice president and senior project manager for Roselle Commerce Development.
He said he also expects his group to sign on a Starbucks coffee shop, the village’s second, a mom-and-pop pizza place, a dry cleaners and other food vendors.
He said the first two buildings should be completed this fall.
He said the third building will be devoted to a restaurant space.
David Sharos
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MELROSE PARK
Board considering new tax district
The Village Board this week agreed to consider a special taxing district in an area encompassing downtown and extending along Lake Street.
Without comment, board members unanimously approved a feasibility study and housing impact study needed to form a tax increment finance district.
Neighborhoods south of Lake Street, east of 20th Avenue and west of 9th Avenue are in the proposed taxing district’s boundaries. The district would also extend to a small wedge-shaped tract on Lake Street, west of 20th Avenue.
“The bottom line is we have an area that is undervalued, and we want to spur economic development,” Mayor Ronald Serpico said.
Local governments use tax increment districts as a method of obtaining funds to redevelop blighted areas. Tax rates, including those for schools and parks, are frozen during the life of the tax increment district, which spans about 23 years. This would be the fifth TIF in Melrose Park, village spokesman Gary Mack said.
Serpico said proceeds from the district could provide money to renovate the Melrose Park Public Library at 801 Broadway. The village recently tapped into a tax increment district account to lay synthetic turf on Ralph “Babe” Serpico Memorial Field, adjacent to Village Hall.
Hearings on the proposal will likely be scheduled in August.
Steve Brosinski
