Schaumburg ponders study of convention center's economic impact

For the first time since its construction was approved 11 years ago, the Schaumburg Renaissance Hotel and Convention Center may soon have its economic impact on the region reassessed.

Schaumburg's finance committee Tuesday recommended hiring Georgia-based Strategic Advisory Group to conduct a 12-week, $39,900 study of the facility's economic impact, including a projection of the next 10 years.

For members of the committee, that look ahead was the most important part of their decision to recommend the study.

"To me, that's what I care about," Trustee Marge Connelly said. "A decision that we made 10 years ago, that's a done deal. I don't need to spend $40,000 to justify a decision I made 10 years ago."

Schaumburg Village Manager Brian Townsend said an assessment of how well the hotel and convention center have met their original expectations is a necessary steppingstone to the 10-year projection.

He said the study can be used to explain to residents the value of the village's investment in the convention center, as well as to show current and prospective business owners in the community the impact it's had on the local economy.

Schaumburg Finance Director Lisa Happ said the study can be expected to show how the village-owned convention center and its adjoining hotel have influenced business at other hotels, restaurants and local shopping.

"We want to quantify those benefits," Townsend agreed.

Though the facility at Meacham Road and the Jane Addams Memorial Tollway will mark its 10th year of operation next summer, the timing of the study is based mostly on how the economy is distinctly different now than it was several years ago, Townsend said.

He reminded committee members that the convention center was exceeding early projections during its two years before the economy came crashing down.

"We have to reset the expectations for the future," he said.

The initial feasibility study for the convention center projected a $7.1 billion impact on the local economy over its first 30 years - even without the originally proposed performing arts center next to it, which was never built.

Townsend said he didn't know whether the study - which the village board will vote on next Tuesday, July 28 - would recommend any changes or improvements to the facility. The village is not specifically asking for a new feasibility study for the performing arts center.

But the village already is in the midst of a three-year, $11.6 million renovation of the facility that started last fall to combat normal wear and tear.