Mount Prospect weighing annexation of 28 acres near O'Hare

A proposed annexation of 28 acres near O'Hare International Airport and the Jane Addams Tollway could add considerable property value to Mount Prospect, but it would carry a heavy price tag for the village.

Village leaders weighed the pros and cons as they discussed the matter Tuesday.

Community Development Director William Cooney said the property, located in unincorporated Cook County between Oakton Street, I-90 and Higgins Creek near the village's southern border, could bring the village more than $100,000 in property taxes annually. It includes 25 businesses, with a mix of industrial, warehouse and commercial uses.

However, Cooney said there would be costs, including payments of about $376,000 to the Elk Grove Township Fire Protection District to make up for the taxes the district would lose because of the annexation.

And $500,000 more would be needed to upgrade streets, Cooney said.

But the largest cost - more than $5 million - would involve the extension of village water lines to the area now served by private wells.

The village also would need to address issues involving fire department response times and the shortage of fire hydrants in the area.

"It's going to take a long time to get a payback, just from the improvements that we're putting in there," Trustee Richard Rogers said. "This thing looks like a money pit to me."

However, Trustee Michael Zadel noted that annexation would give the village control over future development of the site.

"With the advent of O'Hare expansion, plus some of the transportation improvements that are being made in and around O'Hare, it's quite likely that area is going to see a boom in the next 10 to 15 years," he said.

Trustee Colleen Saccotelli cited concerns about the area's flood status. Ten properties south of Oakton Street sit within the 100-year floodplain of Higgins Creek, and the area currently is classified as a floodway, the most restrictive waterway classification.

"We had better know what we can develop and what we can't before we enter into an agreement," Trustee William Grossi added.

Mayor Arlene Juracek urged a look at the big picture.

"This is prime potential, here, for redevelopment," she said. "If we let this initial scan of costs scare us off, we're going to lose out on major development opportunity."