Mayor: Bloomingdale ‘living within its means’
Bloomingdale’s economy is still shaky from the recession, Village President Bob Iden said Wednesday, but there also are hopeful signs of financial growth.
Iden delivered his annual State of the Village address during a chamber of commerce luncheon where he told members Bloomingdale suffers from the same types of economic hardships faced by surrounding communities due to the state budget crisis and the recession draining property and sales tax revenues.
“We’re still not in a position, as most communities are not, to really say we’re better off than we were a year ago,” Iden said. “There are some indications now that things are starting to happen that we didn’t see a year ago. We are not stabilized, but we’re more or less moving upward.”
The upward movement includes a steady sales tax revenue increase over the past six months, Iden said.
He also discussed several varieties of business growth in Bloomingdale, including seven new restaurants that opened and he says are “doing well.”
He also detailed eight significant business expansions that include filling all tenants in the Stratford Square Mall food court.
“What that tells me is if you have a food court with approximately 14 different businesses, that’s significant because maybe that means we’re going to see a turnaround that means more new stores coming to Stratford,” said Iden.
He also discussed other new additions coming to Bloomingdale, such as the Scottish Rite Valle of Chicago’s towering headquarters now being built on Lake Street and Medinah Road. The building should be complete in about a year.
This year, Bloomingdale residents will remain without Family Fest and fireworks, Iden said, as officials try to keep the village “living within its means.”
Iden said the village will instead continue or add smaller events, such as Concerts in the Park, an ice cream social and two Halloween celebrations.
“We are going to try and have events each month so the community can identify and come together as it should,” he said.
Officials hope to bring back fireworks next year, he added.
Residents also will be able to save money and spur retail as Bloomingdale launches the third year of its B-Card, which can be obtained by contacting village hall. The card is valid April 2-10 and offers discounts at 50 participating businesses.
And as Bloomingdale looks toward future development and maintaining infrastructure, Iden said the pending Elgin-O’Hare Expressway expansion will offer key growth opportunities. He also added that the village has spent $1 million to improve local roads and $5 million to improve its waste water treatment plant, the latter funded through low-interest loans.