Rolling Meadows to get more parking as Panasonic moves in
Rolling Meadows has lured Panasonic to relocate to the city in exchange for $500,000 for a parking lot.
Aldermen unanimously agreed Tuesday night to establish a special service area for the parking lot only. The parking lot improvements at the new location, 5201 Tollview Drive, will cost about $500,000, city officials said.
The city would borrow money for the project to add landscaping, curb replacement, sidewalk replacement and other improvements.
Panasonic, which is moving from Elgin, then would pay it back to the city with interest at 5 percent a year over 10 years, City Manager Tom Melena said.
The project is exciting because Panasonic will fill a vacancy at the former Hewlett-Packard site, which has remained vacant for about four years, officials said.
Third Ward Alderman Larry Buske questioned whether the city would have to front the money.
Melena said the city would create the special service area fund and issue bonds to borrow the money for the project. But he added that Panasonic would repay the money over a decade at no extra cost to taxpayers.
Mayor Ken Nelson said the city has access to better rates to borrow money so it's an advantage for the city to do this.
"We can get money much more cheaply than the developer," Nelson said.
Panasonic's new location will employ 400 people. The move will be complete this fall.
Aldermen on Tuesday also decided to pursue improving the water mains in the Northwest Industrial Park to replace 50-year-old pipes.
A recent planned expansion of the Fuji-Hunt chemical facility in the park raised new concerns about the water distribution system and whether the flow rates were sufficient for fire response.
The area covers Hicks Road to the west, Northwest Highway to the north, Route 53 to the east and the properties on the south side of Industrial Avenue to the south.
"If there's one area in the city where we do need to upgrade, it's this area," Fire Chief Ron Stewart said, referring to the large industrial base.