Rolling Meadows aldermen have endorsed a developer's Cook County tax incentive application for the Holiday Inn property on Algonquin Road that's the site of a major proposed redevelopment.
A hotel ownership group unveiled plans last month for an estimated $9 million redevelopment of the 7-acre property at 3405-3477 Algonquin Road. If given final approval by the Cook County Board, the 7b tax incentive would allow the property to be assessed at 10 percent of market value for 10 years, 15 percent in the 11th year and 20 percent in the 12th year. Properties are normally assessed at 25 percent.
The proposal by Rolling Meadows Properties LLC, led by managing member Sam Patel, calls for the existing nine-story, 119-room Holiday Inn to be converted to an Aloft hotel, while an attached two-story, 170-room portion centered around a "Holidome" will be broken off and converted into an assisted living/memory care facility.
The existing 5-story, 135-room Holiday Inn Express in the rear of the property will be renovated under the hotel chain's Formula Blue Design concept.
The city council this week voted 5-0 to support the developer's request for the Cook County tax incentive, and an associated ordinance declaring the existing property as blighted and needing development.
While the city council and economic development committee have already seen preliminary redevelopment plans, the formal proposal is expected to be considered by the planning and zoning commission Sept. 5. The council would take first and second reading votes on it Sept. 26 and Oct. 10, respectively.
Construction could begin soon after, with the new Aloft projected to open in June 2019 and the assisted living facility in September 2019.
The Holiday Inn Express would remain open during renovations.