Mount Prospect sales taxes exceed property taxes for first time

Mount Prospect's sales tax revenues are exceeding its property tax revenues, one of many signs of progress in the village's economic development efforts, Mayor Arlene Juracek said Thursday during her State of the Village address at a breakfast organized by the town's Economic Development Commission.

"This resurgence of retail sales activity in Mount Prospect reduces our reliance on property taxes, which we have now structured and dedicated solely to funding police and fire operations, their associated mandated pension obligations, plus debt service," Juracek told the crowd at Midori Banquets at Old Orchard Country Club. "This reduced pressure on property taxes for village purposes should be good news to our school and park districts that have an almost 100 percent reliance on their property tax levies, and perhaps gives them a little more headroom with which to work with their taxpayers."

Mount Prospect's current estimate of 2016 sales tax receipts is $22 million, continuing an average annual growth of 9.2 percent over the past five years, she said.

Leading the charge have been the redeveloped Randhurst Village and the Kensington Business Center.

Shopping and entertainment venues at Randhurst Village generated more than $283 million in sales during 2015, a 2 percent increase from the previous year. Plans are now under way to raze the Chase Bank building at Route 83 and Euclid Avenue to allow for even more stores and restaurants.

The Kensingston Business Center has experienced sufficient growth to bring its vacancy rate down to single digits. And the new Mount Prospect Ice Arena has seen bookings through 2020 already, Juracek said.

The event Thursday also featured the Economic Development Commission's second annual Entrepreneurial Business Awards.

The winners were Alyse Burman and Paula Levy of Wildbird Shack, Dave Esau of Dave's Specialty Foods and Aeron Lancer of the E+O restaurant at Randhurst Village.