Public Hearing Set On Massive New Rosemont Project
By: Diane Turner-Hurns
Journal & Topics Reporter
The public has an opportunity on Wednesday, Jan. 13 to learn more about a proposed major development, slated to be built at Balmoral Avenue and Pearl Street, during a public hearing at Rosemont Village Hall, 9501 W. Devon Ave., second floor. The Village Board meeting begins at 9:30 a.m.
Village trustees will conduct a public hearing at that time to consider three topics: the designation of the Balmoral Avenue/Pearl Street Tax Increment Financing (TIF) Redevelopment Area as a redevelopment project area under the Tax Increment Allocation Redevelopment Act; the proposed multi-use redevelopment plan and project for the area; and, the adoption of a TIF for the Balmoral/Pearl Street area, according to a Village notice.
The boundaries of the proposed project to be discussed are north of Balmoral Avenue from Pearl Street to I-294 and south of Balmoral Avenue between the existing railroad right-of-way and I-294.
The area, basically square-shaped, consists of about 16 acres.
To be discussed is a new development, initially named “The Pearl”, which calls for constructing restaurants, a hotel and one or more office buildings in the designated area.
Rosemont Mayor Brad Stephens has said the hotel built at that location would be the second closest to the airport, now that the new Balmoral Avenue extension directly to O’Hare Airport is open, making it a valuable real estate location for the hotel industry.
If the project is approved, construction could begin this spring and be completed in early 2017, according to officials. Some street construction on Pearl Street began last summer.
When a TIF is created, property taxes paid to the local government by property owners within the TIF district are frozen at the current level for 23 years. Taxes above that level collected within the area go into a designated fund controlled by the Village. The funds collected pay for public and private improvements within the district.
Village officials say revenues generated within the new TIF district could fund new parking lots, roads, stormwater detention, streetlights and more. If enacted, the TIF district for the new development would expire in 2039.
The redevelopment project, according to the Village notice, could include assembling land, demolishing structures, environmental remediation, public works improvements, installing sidewalks, enhancing transportation infrastructure, street improvements, street lighting, new signage, and more.
The new TIF also allows developers to receive interest subsidies, allow for job training and retraining and related educational programs and more.
Anyone from the public can view the proposed “The Pearl” TIF 8 redevelopment project proposal at Rosemont Village Hall during working hours before the public hearing.