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Why the special attention to Downtown?
Mount Prospect believes that a vibrant downtown is vital for the overall
health of the community. As the center of the Village, downtown is special
-- a place for community events and a great place to meet and greet friends
and neighbors. As the community matures, downtown has evolved, yet the
downtown’s development is founded on a solid history of public meetings and
community planning.
After Randhurst was built in 1962, a decline was noted in the central
business district. The Village began to address this decline by qualifying
the downtown as a Tax Increment Finance District (TIF) in 1985 (one of the
first TIF districts in the State). The original TIF boundaries have since
been amended and expanded. Currently, the TIF District is generally bounded
by Central Road, Northwest Highway, and Owen Street.
How the TIF District has Helped
When the TIF district was created, the entire value of all properties
within the TIF was $7.5 million. With the new projects underway, property
within the TIF district is projected to be worth $42 million in 2008. Since
1985, taxing districts have continued to receive the same revenues first
received when the district was created; the incremental new revenues created
by the new value from development has helped to finance streetscape
improvements like the brick-paver sidewalks, trees, streetlights, and
benches; and, to renovate building facades and remodel buildings. Plus, TIF
funds have been used for property acquisition and new infrastructure to spur
new development downtown.
TIF funds have been used to meet the goals of the original plan, spurring
redevelopment of several older and functionally obsolete buildings. Since
1985 over 500 condominiums and 30,000 square feet of retail space has been
completed, plus a renovated Train Station, new Village Hall, new Parking
Deck and expanded Library.
With each project, the Village Board has worked with existing businesses
to relocate them to a new location in town. Most have stayed in Mount
Prospect, though some, like Northwest Electric have moved out of the
downtown district. Several new retailers have located in the downtown area
to complement existing shopping and dining opportunities. In the past few
years, national chains have joined locally owned shops in opening their
doors. The Village hopes to continue the trend with the completion of the
Emerson Condominium and Retail development on the former Village Hall site
The downtown TIF expires in the year 2008, and the Village is exploring
the pros and cons of extending the time and geographic area of the TIF
district to provide more opportunities for redevelopment. (More information
on TIF can be found on the web site, www.mountprospect.org.)
Citizen Participation Encouraged
In 1998, with significant public input, the Village of Mount Prospect
updated the 1985 plan, creating a document known as the Downtown TIF
District Strategic Plan. To aid in planning, downtown has been broken into a
series of geographic “sub-areas.” Design goals have been consistent and
include:
- Placing buildings near the property line in order to enhance the
pedestrian atmosphere.
- Wide sidewalks to ensure pedestrian comfort and safety along
roadways.
- Varied architectural styles for the buildings, which are brought
together by use of similar elements such as brick construction, sloping
roofs and a pedestrian orientation (walkways, courts or gathering
areas).
- Attractive, well landscaped frontages along all public streets
- Adequate screening and buffering around parking and loading areas.
In 2003, a second Ad Hoc Committee, consisting of a group of local
residents convened to review the development concepts and related
recommendations in the 1998 plan. They met for 4 months and considered the
downtown on a block-by-block basis considering development opportunities.
Plus, the Design Guidelines, first adopted in 1998 were re-confirmed and the
list of desired land uses was modified.
Furthering the Vision of a Mixed-Use Downtown
The next downtown project to be built is located in Sub Area 2, on the
site of the former Village Hall (100 S. Emerson). A five story “L” shaped
building with 14,000 s.f. of retail space and 52 condominium units will also
include expansion of the underground parking serving the Lofts building.
Under review this spring is Sub Area 3. Most recently known as the “Bank
One” parking lot, this land (1.66 acres) located directly east of Village
Hall, is owned by the Village. A “Request for Proposal” was released to the
development community in 2004. A proposal by Norwood Builders was selected
because it most closely matched the planning goals set by the Citizen Ad Hoc
Committee. The plan includes 14 row homes with detached garages, and calls
for the construction of a park at NE corner of Busse and Emerson. This park
will mirror the park that was developed as part of the new Village Hall and
will create a focal area to host larger events such as the downtown Block
Party.
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