Schaumburg Village Board Approves Capital Improvement Plan
Schaumburg's village board voted unanimously to approve a $185 million, multiyear Capital Improvement Plan, which includes $40 million in improvements for the next fiscal year, beginning May 1.
The Capital Improvement Plan is a comprehensive plan that sets the direction and priorities for the village's capital improvement projects and associated funding for the next five years. The CIP is updated annually and represents the village's commitment to maintaining its infrastructure and capital assets in an appropriate state of repair.
The village continues to maximize available grant funding, which for the five-year plan is anticipated at $44 million, leaving $141 million to be funded through local sources.
"This year's Capital Improvement Plan allows the village to accomplish a variety of infrastructure improvements that are critical to maintaining our high quality of life," said village President Tom Dailly.
"During these tough economic times, the village has done a remarkable job in seeking all available grant opportunities wherever possible to allow us to complete as many projects as possible at a reduced cost to the village."
For the upcoming fiscal year, which begins May 1, 2021, the plan highlights four key areas of focus: revitalizing local streets; leveraging grant funds for infrastructure improvements; maintaining and improving utility infrastructure; and investing in the North Schaumburg TIF.
The plan proposes $8 million allocated to residential street repairs and $2 million dedicated to reconstruction of village streets deemed most in need of repair.
The remaining $6 million will be allocated to streets based on the village's Pavement Management Plan. The list of streets included in the 2021 street improvement program is available on the village's website, www.schaumburg.com.
Three roadway segments are scheduled for resurfacing in FY 2021/22, including Meacham Road from Higgins Road to Golf Road; Summit Drive from Wise Road to Schaumburg Road; and Weathersfield Way from Braintree Drive to Salem Drive.
The village has secured grant funding for $5.8 million of the cost of these projects; the village's local share is anticipated to be $3.1 million.
Utility improvements such as water main replacements and other infrastructure rehabilitation is being planned for at least 28 projects that will coincide with street repairs where necessary. In addition, the village is using grant funds to complete six midblock crossing improvements at high priority pedestrian crossing locations.
The village will continue to invest in the 90 North District in the FY 2021/22 year, with $11.9 million budgeted for projects. Improvements include intersection enhancements at Meacham and Algonquin Road and the construction of Phase 1 of Central Park.
For more information on plans for 90 North, visit www.90northschaumburg.com.
For information and to view the complete Capital Improvement Plan, visit www.schaumburg.com/budget.