Planned street could host fests, events at Schaumburg’s 90 North Park
Schaumburg is planning a new street adjacent to the 12-acre 90 North Park in the Veridian development that could be closed to accommodate food trucks, art fairs, festivals and other special events.
The street along the park’s west side would be paved with a combination of asphalt and modern brick and feature angled parking spaces, providing the majority of the vehicle parking around 90 North.
But by the time the new street might be closed for special events, additional parking should be available nearby at The District at Veridian. That’s the 30-acre residential and commercial area starting construction this year at the east end of the 225-acre Veridian development.
The second phase of construction of the urban-style park is expected to start later this year within the former Motorola campus at the southwest corner of Algonquin and Meacham roads.
“We are still working on the design of the park directly adjacent to the shared street,” Schaumburg Landscape & Design Planner Todd Wenger said.
New amenities that will be added include a water feature plaza area, tilted lawn zone, a terraced plaza, pedestrian bridges and flexible gathering spaces.
The second phase is estimated to cost between $4.7 million and $5.7 million. The village is expected to budget $5.5 million for the fiscal year that begins May 1. Funding will come from the area's tax-increment financing (TIF) district.
A TIF district works by freezing the annual property taxes local governments receive at the level of the first year. As improving properties' values and taxes rise, the incremental increase goes to a village-held fund to pay for public improvements.
TIF districts expire after 23 years or when all their costs have been paid off, whichever comes first.