Downtown Development Projects Within the TIF

Print
Press Enter to show all options, press Tab go to next option

Featuring projects within the Prospect and Main TIF District

Relocation of Parenti Raffaeli

Parenti Raffaeli, formerly of 215-225 E. Prospect Avenue, relocated its woodworking facility to a newly renovated building in Kensington Business Center (1401 Feehanville Dr.). The Village worked with this business for several years on relocation options and ultimately were successful in those efforts when Nicholas and Associates crafted a relocation plan to the Kensington Business Park with the Parenti and Raffaeli owners. The Village was not included in the relocation transaction. However, a key part of the relocation plan included the Village providing some financial assistance to Parenti Raffaeli for eligible Tax Increment Financing (TIF) expenses associated with their move.  Parenti Raffaeli submitted a detailed list of these expenses, which total $4.66 million.  Parenti’s total investment in their new facility exceeded $10 million. On August 21, 2018 the Village Board authorized a request form Parenti and Raffaeli, Ltd. for reimbursement of eligible TIF expenses in an amount of $3,000,000. This authorization was approved by ordinance on September 4, 2018.  This amount is supported by the total investment that Parenti made on their new facility in Kensington Business Center, as well as estimated future revenue that a redevelopment would generate to the Village (see Maple Street Lofts, below).

Relocation opens up the site for redevelopment as recommended in the Downtown Implementation Plan. The Plan proposes redevelopment of this area to high density mixed-use residential/retail to enhance the existing downtown district. The 215-225 E. Prospect Ave site is adjacent to the Village-owned Maple Street commuter parking lot, providing an opportunity for a public-private partnership.  The redevelopment of these properties is also a top priority of the Village’s Strategic Plan.

  • TIF Strategies: Redevelop Underutilized Sites, Facilitate Property Assembly, Encourage Private Sector Activities.
  • TIF Metrics: See Maple Street Lofts
  • Amount: $3,000,000 from the TIF fund.

Maple Street Lofts

Nicholas and Associates, the owner of 215-225 E. Prospect Avenue (former Parenti Raffaeli site), is in the preliminary stages of creating a redevelopment plan for the parcels, incorporating the Village-owned Maple Street commuter parking lot. The Maple Street Lofts is a mixed-use transit oriented development on the now vacant six-acre downtown site. View additional information on this development and see preliminary plans on the Maple Street Lofts project page.

Future public meetings include an open house at recently completed Nicholas & Associates development, The Buckingham, in neighboring Des Plaines on Wednesday, October 10 from 5:00-7:00pm.

Edwin and Elsie (Meyn) Busse Park

The Village of Mount Prospect is in the middle of a public involvement and design process that will culminate in the final design and construction cost estimate for a 0.33-acre park located at the northeast corner of S. Emerson Street and E. Busse Avenue. The park will be constructed on what was two single family homes owned by the Busse family (19 and 21 S. Emerson Street). The Village Board approved the purchase of these two parcels on April 17 for a total amount of $850,000 with the budget source being the Prospect and Main TIF fund. The consultant for the park design, Altamanu, was approved on July 17 by the Village Board for up to $76,600 for design and public engagement services. The Village budgeted $750,000 for the design and construction of the park in the 2017 budget.

  • TIF Strategies: Implement Public Improvements
  • TIF Metrics: Infrastructure Improvements
  • Amount: $850,000 from the TIF fund for property purchase, $76,600 for design consultant

20 West

20 West Professional RenderingThe Petitioner, Nicholas and Associates, is proposing to construct a mixed-use Planned Unit Development (PUD) consisting of a six-story building with seventy-three apartments and a two story restaurant with related off-site improvements including public parking. The proposal would include rooftop seating for the restaurant as well as two rooftop areas for the residents on top of the fourth and sixth floors. The petitioner is currently in discussions with Mia’s Cantina to occupy the 5,300 square foot restaurant space.

Development of this site has been a priority of the Village and is one of the Village’s top Strategic Plan Goals.

The 20 West project received final PUD approval from the Planning and Zoning Commission on February 22, 2018. This project was reviewed by the Village Board on March 6, 2018, for the following items:

A Resolution Approving a Final Plat of Subdivision for 20 West - this item was approved by the Village Board 6-0 on March 6, 2018

Ordinance Granting a Conditional Use for a Planned Unit Development for 20 West - this item was approved by the Village Board 6-0 on March 6, 2018

A Resolution Authorizing the Execution of a Redevelopment Agreement Between the Village of Mount Prospect and 20 West LLC - this item was tabled to the March 20, 2018 Village Board Meeting.

At the time that the Village established the Prospect and Main TIF District, the TIF Joint Review Board requested that we maintain a set of metrics to measure the positive impact that the TIF has on the downtown district.  This table lists the metrics for the 20 West project, which the Village will continue to measure as we move forward with the numerous redevelopment projects in the downtown.   The projected figures are estimates that are based upon industry standards for similar developments in the region.

  • TIF Strategies: Redevelop Underutilized Sites, Facilitate Property Assembly (6 parcels), Encourage Private Sector Activities, Implement Public Improvements
  • TIF Metrics:
    • New Residential Units - 73 rental units (approved)
    • Downtown Population Growth - 100 residents (estimated)
    • Growth in EAV (Equalized Assessed Value) - from $71,907 to $1,300,000 (projected)
    • Sales Tax Generation - from $0 to $30,000/year (projected)
    • Increased retail and commercial space - 5,000 SF (restaurant space)
    • Infrastructure Improvements - public parking, streetscape, roadway improvements ($685,000)
    • Increased METRA ridership.
  • Amount: The RDA obligates the Village to provide $2 million of incentives from the TIF fund towards the $23.5 million project.  These incentives would include the following TIF-eligible expenses:
    • A waiver of up to Nine Hundred Fifteen Thousand Dollars ($915,000) for soft costs including permit fees, legal, survey, civil engineering, architecture, MEP & structural engineers, landscape architect, soils/geo/environmental, market study and TIF consultants.
    • Payment of up to Two Hundred Sixty Thousand Dollars ($260,000) by the Village for underground utilities including water, sanitary, storm, valves, hydrants, hauling, trench backfill, screening and street cuts. 
    • Payment of up to Two Hundred Eighty Thousand Dollars ($280,000) by the Village for paving including grading, compacting, curb & gutter, stone, asphalt, pervious pavement, curb replacement and striping.
    • Payment of up to One Hundred Forty Five Thousand Dollars ($145,000) by the Village for streetscape including public walk, parkway landscaping, streetlights and street signs.
    • An allowance of up to One Hundred Thousand Dollars ($100,000) by the Village for ComEd relocate of the current overhead lines on the properties.
    • An allowance of up to Three Hundred Thousand Dollars ($300,000) by the Village for non contaminated soils removal per True North, site soils may be classified as non-contaminated and require special disposal.

Park Terrace - 15-19 N. Elmhurst

Park Terrace RenderingThe Petitioner, Richard Bondarowicz of SMART Builders, is seeking a conditional use to allow a final planned unit development (PUD) at 15-19 N. Elmhurst Avenue. The property is located in the northwest quadrant of the Village's downtown, behind the Village's post office. Development of this site has been a priority for the Village and is one of the Village's top Strategic Plan Goals for 2018. 

The Petitioner is proposing to construct a residential PUD named "Park Terrace" consisting of two principal buildings containing a total of twelve (12) townhomes. The proposed dwelling units are three (3) stories tall and include rooftop terraces.

The Village Board reviewed the following items at the March 6, 2018 meeting:

A Resolution Approving a Final Plat of Subdivision for the Property at 15-19 N. Elmhurst Avenue - this item was approved by the Village Board 6-0 on March 6, 2018

Ordinance Granting a Conditional Use for a Final Planned Development for the Property at 15-19 N. Elmhurst Avenue - this item was approved by the Village Board 6-0 on March 6, 2018

Resolution Authorizing the Execution of a Redevelopment Agreement Between the Village and Park Terrace Mount Prospect, LLC - this item was tabled to the March 20, 2018 Village Board Meeting.

At the time that the Village established the Prospect and Main TIF District, the TIF Joint Review Board requested that we maintain a set of metrics to measure the positive impact that the TIF has on the downtown district.  This table lists the metrics for the Park Terrace project, which the Village will continue to measure as we move forward with the numerous redevelopment projects in the downtown.   The projected figures are estimates that are based upon industry standards for similar developments in the region.

  • TIF Strategies: Redevelop Underutilized Sites, Encourage Private Sector Activities, Implement Public Improvements
  • TIF Metrics:
    • New Residential Units - 12
    • Downtown Population Growth - 30
    • Growth in EAV (Equalized Assessed Value) from $76,943 to $1,200,000 (projected)
    • Infrastructure Improvements - $160,000 for stormwater detention
    • Increased METRA ridership
  • Amount: $400,000 from the TIF fund for the following expenses, per the redevelopment agreement:
    • A waiver of up to Eighty Thousand and No/100 Dollars ($80,000.00) of permit fees payable to the Village for the Project.
    • Payment of up to One Hundred Twenty Thousand Dollars ($120,000.00) for installation of storm water detention system, curbs, and paving for the Project.
    • Payment of up to Forty Thousand and No/100 Dollars ($40,000.00) by the Village for demolition, tree removal, construction fencing and/or site preparation fees for the Project.
    • Payment of up to One Hundred Thousand and No/100 Dollars ($100,000.00) by the Village for a sewer extension in the public right-of-way adjacent to the Property to serve the Project.
    • Payment of up to Sixty Thousand and No/100 Dollars ($60,000.00) by the Village for water, sewer and utility work to serve the Project.

Free viewers are required for some of the attached documents.
They can be downloaded by clicking on the icons below.

Acrobat Reader Flash Player Windows Media Player Microsoft Silverlight Word Viewer Excel Viewer PowerPoint Viewer