Prospect Hts. to form economic development committee

Prospect Heights is in the process of forming a seven-member economic development committee that will be charged with promoting and attracting business.

The panel will be asked to develop profiles of vacant property to make companies considering locating to the city "aware of what we have," said Mayor Dolly Vole.

Committee members will be residents, local business owners, and people with expertise in economic development. A member of the Wheeling-Prospect Heights Chamber of Commerce and Industry and a city department head or elected official will also serve.

Vole will appoint all members except the chamber of commerce member.

Vole said she isn't ready to name names, but has spoken with people who say they are interested.

Committee members would meet monthly, and not be paid.

The committee would likely address the future of the vacant Dominick's at Rand Road and Thomas Street (Willow Road). The city hopes a Meijer store moves into the building, which has been empty for eight years.

However, Dominick's still holds a lease on the site that expires in 17 months. Negotiations that would release it from contract early are ongoing between Dominick's and CR Crossing, which owns the shopping center.

Vole said she thinks Dominick's may be maintaining the lease to keep out competition from the area.

Projections indicate Meijer could generate about $175,000 in yearly sales tax revenue. The City Council agreed last month to reimburse CR Crossing with $1.75 million in sales tax revenues generated from the project over 10 years as an incentive to bring Meijer here. Vole said the city would receive any tax revenue above $175,000 a year.

Overall, Prospect Heights' tax revenue is in decline. The city estimated in this year's budget that it would receive $971,945 from sales tax, down from the $1,073,154 budgeted last year, said City Administrator Pam Arrigoni.

Vole hopes the economic development committee panel will be in place by August. On Monday, aldermen approved the first reading of an ordinance establishing the panel.

The mayor said those interested in serving on the committee can submit volunteer requests and resumes to the city or via her e-mail.

Also Monday, the council approved the establishment of a five-member advisory finance committee, which replaces the city's current ad hoc finance committee.

Up to two members of the committee may be nonresidents, granted they have financial skills, Vole said.

Vole had suggesting establishing the two committees while campaigning for mayor this spring.