Schaumburg entertainment district parking deck cost rises as construction nears midpoint

Schaumburg’s finance committee has recommended approval of $631,656 in cost increases as construction of a nearly $30.3 million parking deck to serve the village’s forthcoming entertainment district and Andretti Indoor Karting approaches the halfway point.

The increases stem from the exceeding of the initial $500,000 cost of utility relocations, a cooling system accompanying the elevator construction, painting of the garage’s interior to minimize future maintenance issues, further site and water main costs and electric vehicle chargers.

But Schaumburg Economic Development Director Matt Frank said the changes are within the expected range of contingency costs in its contract with the builder.

Weather delays have also put construction behind schedule, but not enough to jeopardize the mid-October completion date. That’s still ahead of the scheduled opening of the 89,300-square-foot Andretti Karting anchor next door.

Both are immediately west of the 19-year-old Schaumburg Renaissance Hotel and Convention Center, on a piece of land long-reserved for a performing arts center that was abandoned in favor of a more diversified entertainment district.

The six-level, 900-space parking deck is being built right between the hotel and Andretti Karting. Its funding, including the pending cost increases, is coming from a tax-increment finance (TIF) district for public improvements supporting redevelopment on both sides of Meacham Road along Algonquin Road.

A TIF district freezes the amount of property taxes collected by local governments at the level of the first year. As property values rise, the additional taxes go to a municipally held fund to pay for public improvements and other eligible costs for up to 23 years.

The village board will consider final approval of the cost increases next Tuesday.

Andretti Karting will feature a multilevel indoor electric go-kart track as well as a restaurant, bowling alley, laser tag room, ride simulator room and a variety of games.