Bank in, Submarine Express out under deal approved by Mount Prospect board
In its first in-person meeting since the state's shutdown, the Mount Prospect village board Tuesday approved a redevelopment agreement that will see a JPMorgan Chase Bank replace the iconic Submarine Express sandwich shop downtown.
Relocation of the bank from its current home at 111 E. Busse Ave. will allow redevelopment of Block 56, an area that also includes the village's former fire and police headquarters.
The village board Tuesday also approved a re-subdivision of the property to reflect the consolidation of village-owned land and property owned by the developer, MIG of Mount Prospect, that will enable Chase to build a new 4,196-square-foot bank.
The deal involves a complex web of land exchanges and reconfigurations, the construction of two drive-through ATMs on Evergreen Avenue east of Maple Street, and agreements that cover expanded public parking and off-site Chase employee parking.
MIG will acquire 3,816 square feet of land from the village, which in return will get 1,274 square feet of property and $300,000 from MIG. The village also will receive $42,000 a year from Chase as part of a license agreement permitting the drive-through ATMs.
Chase/MIG will install stormwater improvements on village-owned land in the Busse Triangle, reconstruct the Busse Triangle parking lot and build seven new public parking spaces on village-owned land at 22 W. Busse Ave. Chase also will make improvements to the streetscape on the site, including landscaping at Northwest Highway and Main Street.
The village will provide Chase employees with 17 off-site parking spaces, likely at the Emerson Street Parking Deck.
Most of the questions and comments from board members revolved around the drive-through ATMs. Neighbors expressed concern at an open house in June about the impact on light, noise and air pollution and pedestrian safety.
Mount Prospect Community Development Director Bill Cooney said Chase estimates 80 trips per day to the two ATMs, and the bank and village would work with neighbors on a screening plan.
Trustee Paul Hoefert voted against the redevelopment agreement because of the ATM component.
"Some of those (neighbors') front doors and some of those patio areas and such are really right up on top of this thing," he said. "I have a real concern for those people that live that close to this kind of activity."