Town center discussion continues in Mt. Prospect
The Mount Prospect village board meeting stretched late into the evening Tuesday without a decision on the $40 million town center project proposed for downtown.
More than 100 people packed the council chambers to discuss the plan, consisting of more than 100 condominiums and between 30,000 and 40,000 square feet of retail and restaurant space.
The board meeting continued on for hours, beginning at 7 p.m. and going past 11:30.
Some residents complained the project did not offer enough parking and was too dense, while others said the project would enhance the town.
"You are naïve to think that based on the last eight years that people will be buying condos and homes," Charlie Houle told the board, saying the plan's residential offerings would likely fail due to the current housing market.
Mount Prospect Chamber of Commerce Executive Director Jim Uszler asked the board to approve the project, saying it would benefit the village's business community.
Northbrook developer John D. Heimbaugh, president and founder of Heimbaugh Capital Development Corp., proposed the plan, which includes $10 million in help from Mount Prospect.
About $3.5 million of village money would come in the form of help with land acquisition and $5.4 million in tax increment financing money, all contingent upon Heimbaugh securing a loan and signed lease agreements from retail tenants, village officials said. In a tax increment financing district, a municipality uses money from the increased property tax revenues with redevelopment to help fund it.
Trustee Paul Hoefert, who is against the project, had asked the board to request proposals from other developers before making the decision, instead of just considering Heimbaugh's plan.
Village officials have said Mount Prospect is looking at Heimbaugh's proposal since he's already a major property owner in the area slated for redevelopment, instead of requesting proposals from other developers at this time.
The development area is locally called the "small triangle" and is bound by Northwest Highway, Route 83 and Wille Street.
Heimbaugh gained control of downtown properties late last year when Mount Prospect dentist Errol Oztekin sold all of his holdings in the triangle, except the Blues Bar, to Homebrook Prospect LLC, which lists Heimbaugh as its agent.
In 2006, Oztekin had unveiled plans to develop the triangle into a dining and entertainment hub but completed only the Blues Bar.
Heimbaugh has control of four parcels in the triangle at 15 W. Busse Ave., 19 W. Busse Ave., 22 W. Busse Ave. and 108 S. Main St.