Plans to sell Randhurst outlots, reinvest in 'Main Street' put on shelf
Randhurst Village's plan to subdivide its property and sell some of its outlots to fund improvements in other areas of the Mount Prospect shopping center is on the shelf for now.
At the request of Randhurst owner DLC Management Corp., the Mount Prospect village board on Tuesday indefinitely tabled an ordinance that would allow the proposed subdivision and clear the way for the sale.
"They have some additional work to do," Mayor Paul Hoefert said.
DLC attorney Andrew Scott, who was at Tuesday's village board meeting, declined to comment.
The New York-based company has stated that it expects there to be strong demand for five to seven of Randhurst's 15 outlots if they are put up for sale, according to village documents.
Proceeds from the sales would be used to pay down debt on the center, the company stated. That would enable DLC to refinance additional debt at a lower interest rate, freeing up money to renovate the vacant Carson's store anchor space and attract new tenants to the center's "Main Street" storefronts.
DLC would retain overall control of the common areas on the property, village documents state.
DLC's proposal was met with some skepticism when first brought before village board members last month.
"This is half-baked, if I can even give you that much of a percentage," Trustee Augie Filippone said at the time. "It should be part of a grander development package."
Trustee Richard Rogers asked what assurances the village would have that DLC will reinvest sale proceeds in the shopping center.
"We have invested so much money here. The only way out is to make this property better," DLC Chief Operating Officer Christopher Ressa replied.