Mount Prospect hires law firm to handle Block 56 redevelopment issues
Mount Prospect officials, facing the challenge of redeveloping the soon-to-be-vacated downtown police and fire headquarters, have hired legal counsel to help.
The property, which the village is labeling Block 56, is bounded by Emerson Street, Northwest Highway, Maple Street and Busse Avenue.
The agreement with MPS Law, at a cost not to exceed $40,000 to be paid from tax increment financing funds, was approved at Tuesday's village board meeting as part of the consent agenda without discussion.
The firm, which will assist with negotiations of a redevelopment agreement, "is distinguished in their experience negotiating successful public-private partnerships in tax increment financing districts," according to background material filed supporting the agenda. "The firm also has a great deal of experience dealing with banks and lenders, which will be a key factor in selecting the right development team and negotiating an equitable redevelopment agreement."
Community Development Director Bill Cooney said the village has interviewed three groups with ideas for the police/fire building site. The village has not officially chosen a group yet, although it is looking at the feasibility of one proposal.
"We're working with one of them right now to take their plan to the next level and start negotiating on a redevelopment agreement," Cooney said.
MPS will be involved in that process, Cooney said.
He said there is still a possibility that the Chase Bank building could be a part of the project. He said the property is on the market and the village has been approached about potential redevelopment options for the site.
The police headquarters is moving to 799 Biermann Court and the fire headquarters is moving to 111 E. Rand Road.