Downtown and Commercial Corridor Redevelopment Advisory Services
We have been a long-term economic development advisor to the Village of Mount Prospect.
Village of Mount Prospect
Public-Private Development Advisory, Special Taxing Districts
Mount Prospect, IL
The Village has a long track record of proactive redevelopment, historically resulting in mixed-use, transit-oriented development adjacent to its downtown commuter rail station. In addition, the village has taken steps to strengthen other parts of the community, including on and near the Rand Road Corridor.
Work Completed
Conducted a TIF eligibility study and supported the designation process for a new downtown TIF district
Assisted the Village in engagement with local school districts regarding fiscal impacts of the new TIF district and recent development activity
Support the Village as they prepared Request for Proposal documents to solicit developers for Village-owned land
Advised the Village in selecting preferred development partners for Village-owned sites
Evaluated financial feasibility of developer requests for public assistance, including "but for" analyses for multiple sites and projects
Advised on redevelopment agreement terms to mitigate risk and align with Village policy goals
Results
The new TIF district was approved in January 2017. Since then, the Village has approved five downtown TOD redevelopment projects, three of which were developed on sites partially or wholly owned by the Village, resulting in over 500 apartment units built or under construction. They have also attracted a grocery store and supported the development of new retail space downtown. In December 2019, the Village entered into a sales tax sharing agreement with a Chicago-based developer to finance key public improvements along a major commercial corridor. SB Friedman continues to assist the Village as they work to dispose of an additional Village-owned downtown site.
