Village extends bank moratorium

Glendale Heights village officials agreed to extend a temporary moratorium on new banks and financial institutions by another six months Thursday night.

Village leaders said the reason for the initial moratorium was to keep spaces in key intersections available for businesses and to complete a study that will determine whether the village's zoning code should be adjusted accordingly.

In February, when officials instated the six-month moratorium, they planned to finish the study within 60 days, but plans haven't quite panned out.

"We need to do a study looking at the fiscal impact that banks have upon the village, and their seeming propensity to locate on very good retail corners," Community Development Director Martin Olsen said.

Officials voted in favor of the moratorium's renewal unanimously.

Trustee Mary Schroeder said her decision to approve the extension was because the village really tries to help its businesses.

"I didn't see a problem with it," she said. "Everything that's being done is always in favor of the residents, (and) this will help businesses and bring in revenues."

The moratorium is in effect, and will last another 180 days.

A similar moratorium was placed on new banks and financial institutes in 2004 for similar reasons, and officials said the restriction worked well last time.

Officials aren't sure if they'll have to extend the moratorium again, come February 2008.

"It depends on whether our study is complete," Olsen said.