RTA grant to fund study of Mt. Prospect’s downtown

In light of past successes and ongoing economic pressures, Mount Prospect leaders plan to take a fresh look at development possibilities downtown.

The village will use a grant of up to $100,000 from the Regional Transportation Authority to pay for a new comprehensive study of the downtown. Mount Prospect will provide a 20 percent match from the village’s tax increment financing district funds.

The study, which village officials refer to as the Downtown Implementation Plan, will examine a number of topics, including potential new downtown transit opportunities for pedestrians, cyclists and commuters; residents’ development preferences; and the viability of several key downtown parcels.

Community Development Director Bill Cooney said the village will send request-for-proposal packets out to consultants by the end of the first quarter.

The last in-depth study of Mount Prospect’s downtown occurred in 1998. Since then, the village has undergone dramatic change with the addition of new residences, retail space and civic buildings.

Cooney said the new study will take these changes into account, as well as the challenges posed by the down economy.

“It’s a good time for us to do this,” he said.

Much of downtown Mount Prospect sits within a TIF district, and Cooney said the study will likely address future use of TIF funds. TIF districts allow villages to use property tax revenue to pay for certain redevelopment costs.

The study will also look at ways to market the downtown area.

“As envisioned, this will be a truly comprehensive look at what we have and what we can do,” he said.

Cooney said he expects the study to get under way in mid-to-late summer. The process will include public meetings and workshop discussions.