Algonquin

Q: What signs of economic turnaround do you see in your community?A: We are seeing renewed inquiries into commercial space; retailers are starting to poke their heads up out of the sand.Q: Can you identify one project that is an example of that turnaround?A: We have two day-care centers looking for sites and one in for zoning approval at this time.Q: What type of new development will be most prevalent? Retail, residential, industrial, office or something else?A: I think medical offices will be the first out of the gate, as they have the reliable income streams and now the whole nationalized health insurance issue has been settled. I think it will be a few years before you see a lot of new development in any of these categories, because there is a lot of existing space and a lot of "bargains" that need to work through the system before new development becomes competitive with the existing building stock.Q: How optimistic are you that vacant storefronts and office buildings will be filled during this turnaround? Why or why not?A: I think the existing stock has a substantial price advantage over new development, so it will certainly be filled first. Developers can't afford to build new construction and be competitive with the current low rents in the marketplace.Q: What do you think local, state and/or national government leaders could do to enhance the recovery?A: Employment is the top issue. Once people see and feel the benefits of a stabilized job base, they will start spending money on more than basic living necessities, and economy will start to rebound. We are seeing some increases in retail spending but it seems to be going in fits and spurts. The retail spending reports for May now showed a small decrease, when some prior months had shown small increases. My hunch is that we will see ups and downs until the job situation stabilizes. It's going to take jobs to stabilize the entire marketplace and bring some certainty to the economy, that will take some time to happen.Q: Do you agree that this will be a jobless recovery or are the suburbs more or less immune to that?A: No jobs = no recovery. Until unemployment gets below 9 percent and keeps dropping steadily, people aren't going to spend the money necessary to see a sustained uptick in the economy.Q: What is your village doing to best position its membership for the economic rebound? A: Algonquin is keeping tabs on the economy and talking to our local businesses, keeping in touch with them so when they are ready to expand, we have the resources in place that allow them to succeed. We are being more flexible in finding space for businesses, and working with brokers and retailers to put the right businesses in the right retail spaces. We're also working with the landowners in the Algonquin Corporate Campus to be prepared so that when the industrial economy recovers, they have sites and opportunities available for new development.Q: What is your town's biggest economic development wish? (i.e.: to fill a certain empty big box; to find a developer for a large vacant parcel; to create a town center, etc.)A: Certainly Riverside Square is an eyesore that we are dealing with, as well as the loss of a number of local businesses that have to relocate because of the Western Bypass. We are handling those situations; it just takes time and it's frustrating to wait. The bypass is a three-year-long construction project that will have a dramatic improvement on the traffic congestion downtown. A lot of people are eager for it to be finished.Q: What is your community's single greatest asset or selling point to potential developers?A: Algonquin is the Gem of the Fox River Valley! We have excellent neighborhoods, parks and shopping opportunities, we have great locations for businesses. Algonquin really is a great place to live and do business, and we are the high-quality community that will be sustainable long term.Q: Have the challenges presented by the current downtown forced you and your community to approach economic development differently? What are the changes and how well are they working?A: One of the biggest changes is that our economic development staff has time to sit and talk with our businesses and spend some time with them, instead of having to focus on the next project coming in the door. We're really trying to get to know our business owners and develop some relationships with them and establish some connections to the community. I think that's a great opportunity and it's working well, and will benefit the community in the long run.