Schaumburg borrows $9 million for new projects
Schaumburg officials have prepared for their own stimulation of the economy in the form of $9 million in local improvements.
Village trustees approved a bond sale in that amount to be divided among projects in the historic district near Schaumburg and Roselle roads and at Schaumburg Regional Airport.
Approximately $8.5 million will be shared between two different projects at Schaumburg and Roselle roads.
Much of that money will be spent to redevelop the northwest corner of the intersection, where condemnation proceedings are under way for the small strip mall there.
The village plans to build what it considers a more attractive, 16,719-square-foot commercial building on the 1.62 acres now split between the strip mall and the adjoining empty lot where a Marathon gas station once stood.
The proposed building is already designed, but the bond sale will provide the money to buy the land once condemnation is complete as well as on further public improvements there, Village Manager Ken Fritz said.
Actual construction of the building is expected to go to a developer yet to be found.
In a separate project, parking behind the buildings and businesses on the southeast corner of Roselle and Schaumburg roads will be consolidated into a single municipal parking lot, Fritz said.
The remaining $500,000 of the bonds will pay for two new hangars at the airport on Irving Park Road.
The larger of the two buildings would be 60 feet by 60 feet, while the other would be significantly smaller.
The village-owned airport currently has 57 hangar units, while the proposed project would add about 15 more.
One significant difference among these projects is that the two in the historic district lie in a tax-increment finance district to fund public improvements there.
But as this TIF district will expire around 2012, repayment of the bonds from existing TIF funds must occur before that, Fritz said.
The airport does not lie in a TIF district, and the repayment of the $500,000 for its new hangars will come from hangar rental fees from aircraft owners, he added.