Schaumburg outlines second phase of 12-acre urban-style park
Schaumburg village trustees gave their assent this week additional features at the new 12-acre 90 North Park on the former Motorola campus, including a water feature plaza area, tilted lawn zone, a terraced plaza, pedestrian bridges and flexible gathering spaces.
The new elements and a shared street along the park's western border would join existing features such as walkways, seating, a bike path and bike racks, drinking fountains and a hammock grove, amid the 225-acre Veridian development at the southwest corner of Algonquin and Meacham roads.
"This phase makes a lot of logical sense," Schaumburg Landscape & Design Planner Todd Wenger said. "The park was always thought of as a catalyst for redevelopment in the area."
The project is expected to be bid and constructed largely during 2024 at an estimated cost of between $4.7 million and $5.7 million.
The village is expected to budget $5.5 million for next fiscal year. The funding will come from the area's tax-increment financing (TIF) district.
A TIF district works by freezing the annual property taxes local governments receive at the level of the first year. As improving properties' values and taxes rise, the incremental increase goes to a municipally held fund to pay for public improvements. TIF districts expire after 23 years or when all their costs have been paid off, whichever comes first.
The shared street on the west side would be paved with a combination of asphalt and modern brick, while its angled parking spaces would provide the majority of the vehicle capacity adjacent to the park.
Village officials have said they envision 90 North Park as a Millennium Park for the suburbs. It's hoped to draw people to the Veridian site, along with current attractions like Topgolf and the planned The District development that will feature the sports-themed restaurant Sports & Social.