Off-site parking agreement prelude to Mount Prospect Chase Bank discussions

Employees of the proposed Chase Bank in downtown Mount Prospect will be provided with 17 off-site parking spaces, likely at the Emerson Street parking deck by village hall, under a proposal recommended Thursday by the village's planning and zoning commission to expedite the project.

The village board will vote on the proposal at its July 7 meeting and also consider a redevelopment agreement with developer Spiro Angelos of MIG of Mount Prospect LLC for a 4,214-square-foot retail banking center and two ATMs near the village's water tower. Construction is scheduled to begin in November, with occupancy by June 2021.

At Thursday's meeting, Community Development Director Bill Cooney said the plan for the new bank, which will stand on the northwest corner of Main Street and Northwest Highway currently occupied by Submarine Express, calls for additional public parking to serve Chase customers and businesses in the Busse Triangle. It will be on land currently owned by the village that will be sold to Chase, which will be responsible for the improvements.

Chase Bank is relocating from its downtown location at 111 E. Busse Ave. on the Block 56 property, which is slated for redevelopment and includes the fire and police station properties.

The village has a proposal from Greystar to redevelop that property.

"(This) is a significant re development in the downtown district that can't happen until Chase is relocated out of the site," Cooney said.

Commission member Agostino Filippone asked if giving up village parking could a problem, "given that we're trying to use that deck for Metra parking and then any expected additional parking from new developments."

Cooney said the Block 56 development has its own parking on site. "There is certainly capacity now. ... By allowing this to take place, we're allowing for this development to happen and then also for the Block 56 to move forward "