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ROSEMONT, IL – Mayor Brad Stephens today voiced optimism for the economic outlook of his community and the region following two major initiatives passed last week, one by the Illinois Tollway Authority and the other by the Cook County Board.
“This moves us farther along the road to recovery and to new business and economic development in Rosemont and the entire region,” Stephens said. The mayor pointed to the intergovernmental agreement (IGA) with the Illinois Tollway Authority to build the long-sought Balmoral off-ramp on the northbound Tri-State (I-294) and to the Cook County Board’s action to repeal the remainder of the Todd Stroger one percent sales tax. “We are already receiving calls from interested parties; these actions couldn’t come at a better time.”
Cook County Commissioners met until the early morning hours of Saturday before passing a new budget and rolling back the sales tax by a quarter-cent on January 1, 2012 and another quarter-cent the following year. Stephens argued this will help ignite consumer spending, boosting revenues and creating more jobs. “That’s how you beat recessions,” Stephens argued. “You create jobs and get people spending again.”
The Tollway Board of Directors unanimously approved the new off-ramp on Thursday. As part of the agreement, Rosemont will fund the $25 million project and then recoup up to half of the costs from toll revenues. The new ramp will offer faster, more convenient access to Rosemont's Donald E. Stephens Convention Center, Rosemont Theatre and dozens of hotels. “Without a doubt, this project will be a catalyst and gives us a new front door to the village,” Stephens said.
Already visited by millions of people a year for its conventions, shows and sporting events, Rosemont is now in the midst of construction on an entertainment district described as “Rockefeller Center meets Times Square.” The Park at Rosemont, immediately adjacent to the approved Balmoral exit, has signed leases for a Toby Keith “I Love This Bar & Grill,” King’s Bowling center, and Lansdowne Irish Pub. Muvico already anchors one end of The Park, and a proposed retail outlet mall would be located just south of the development.
When complete, The Park will boast 200,000 square feet of entertainment, dining, and festival space. The center of The Park will feature a four season recreational area that will host year-round programming including ice skating, farmers’ markets, concerts, fairs and festivals, and exhibition sporting events.
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