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Entertainment District A Municipal Success

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By DIANE TURNER-HURNS
Journal & Topics Reporter

The Rosemont Entertainment District not only served up a home run for the community and visitors by providing new dining and entertainment options since opening in April 2012, but a grand slam in its return on investment for the village.

In 2011, Mayor Brad Stephens told the Rosemont Chamber of Commerce that construction would begin on a “new destination, an entertainment district” expected to cost about $40 million. He said construction would include, “an outdoor plaza area where festivals, farmer’s markets, Christmas tree lighting ceremonies and even a skating rink will be located.”

Today, the new destination at 5501 Park Place is the bustling MB Financial Park at Rosemont, a 200,000 square-foot entertainment and dining complex home to 12 venues offering international cuisine, live music, comedy, state-of-the-art film, bowling and more.

It also features in the festival/park area, free rock and country music concerts in the spring and summer and ice skating in the winter. Parking in the adjacent garage is free with validation from any of the restaurants or entertainment venues.

The village owns the buildings and land for Joe’s Live/Bub City, Kings Bowl, Five Roses, Adobe Gilas, Park Tavern, Hofbrauhaus, Zanies and Sugar Factory. The village owns the land but not the building for iFly. The village does not own the land or building for Muvico. The village only owns the space occupied by Fogo de Chao restaurant in the Big 10 building -- not the entire building or the land.

As for rent income from the entertainment district properties, the village received $3.6 million in rent for the property it owns in 2016, according to Rosemont finance officials.

Additionally, venues in the entertainment district generate amusement tax, food and beverage tax along with valet parking service taxes for the village. For 2016, Rosemont officials said the village collected: amusement tax - $405,000; food and beverage tax - $535,000; and parking tax - $34,000.

All rent generated from the entertainment district goes into the entertainment district fund and all taxes go to the village of Rosemont general fund.

“There has been steady growth in the entertainment district over the years,” Maria Pesavento of the Rosemont finance department told the Journal. “The revenues generated are pretty consistent because there are various special events throughout the year such as concerts, fireworks, ice skating and more.”

In 2012 MB Financial Bank signed a branding agreement with the village adding their name to the park for a reported $3 million with an expected payment of $695,000 to the village each year for naming rights.

 

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