Bensenville dreams of new neighborhoods

Bensenville leaders have their hearts set on transforming a largely industrial part of town into a new residential area with some commercial properties.

But to make that vision a reality, the village would have to amass $70 million or more.

Trustees this week discussed the possibility of borrowing the millions needed to acquire about 118 acres, roughly bounded by County Line Road and Green, Jefferson and Marion streets -- excluding land already owned by the village.

Village Manager Jim Johnson said Bensenville may borrow the money in one lump sum, which might require voter approval. Another option might be to buy land in phases, which could involve different financing options.

The village then would sell the land to one or more builders to construct a cohesive development involving a combination of residences and stores.

"This is in the very infancy stages," Trustee Patti Johnson said. "We have not made any decisions. We've been tossing around multiple ideas for that area. You have to look at all the options.

"We may decide to scrap this whole thing," she said.

Talk of the "ballpark costs" came after village officials had preliminary and informal conversations with some of the area's larger property owners about the possibility of selling their land.

Some of the targeted parcels recently sold for as little as $10 per square foot, while others nearby have gone for more than double that amount, officials said.

Round numbers of $15 per square foot for 100 acres translate into a price tag of $651,000 per acre for land purchases, on the low end, Jim Johnson said.

At $20 a square foot, total costs would escalate to $86.8 million or $868,000 per acre for 100 acres, officials said.

Based on tentative estimates, Camiros, an urban planning firm, has come up with three potential conceptual plans for the area.

All the plans call for a residential area with some commercial development, mostly along Green, village officials said.

The big difference between the plans is the number of single-family homes, townhouse, condominiums and apartments.

Elected officials have long mulled redevelopment since it has been "neglected" for several years and some properties are little more than storage lots, Jim Johnson said. Trustees have even considered creating a tax-increment financing district, which is still an option, to spur action.

"The only way you're going to make a difference is to go out there and throw it against the wall," Village President John Geils said. "It's not about the money. It's about the vision and finding the money to do it.

"How much courage do you have to make a bold move?" Geils said.

Trustee John Williams said he could support spending the money for the right kind of development.

"I would not go for $5 million for the current plan, but I'd go for a big amount for utopia," Williams said.

Both Williams and Patti Johnson said they envision far less density and more single-family homes.

Trustee Hank Mandziara added: "The concept is great. It's something we need to do."

Bensenville officials next month are expected to review revised plans from Camiros and firmer financial figures.