Schaumburg is changing its village corridor as a part of a five-year, $412.7 million capital enchancment plan.
Paul Valade/[email protected]
Schaumburg’s formidable five-year, $412.7 million capital enchancment plan consists of replacements of village corridor and the police station, renovations to 2 fireplace stations and the Al Larson Prairie Middle for the Arts in addition to intensive street upkeep, all with out elevating taxes.
The truth is, no property taxes are included among the many income sources in any respect aside from eligible allocations from tax increment financing (TIF) districts.
“The fascinating half is that the village can plan for the development of services, and in some instances substitute of these services, with out affecting different elements of the plan,” Schaumburg Assistant Village Supervisor Paula Hewson stated.
A rendering of Schaumburg’s rebuilt village corridor demonstrates its “trendy prairie-style” design, extra second story, and the relocation of the primary entrance from the west to the south facet.
Courtesy of village of Schaumburg
Grant funding for some initiatives will scale back the village’s share of the prices to $362.8 million, officers famous.
The plan for the upcoming 2025-26 fiscal 12 months is anticipated to price $89.6 million, with the village’s share at $71.1 million.
Trustees praised the plan’s capability to effectively cowl such a broad scope of labor.
“It’s a really massive capital enchancment plan, the most important since I’ve been elected, for positive,” Trustee Brian Bieschke stated.
TIF income would cowl the development of a public parking deck within the forthcoming leisure district across the Schaumburg Renaissance Lodge Conference Middle, engineering of a pedestrian bridge over Meacham Street, and additional facilities for the 12-acre 90 North Park on the opposite facet of it.
A TIF district works by freezing property taxes collected by native governments on the stage of the primary 12 months, with the whole lot above that going to a municipally-held fund for infrastructure enhancements throughout the district for as much as 23 years.
Nonetheless, the village’s annual assortment of property taxes is staying at $19.5 million, because it’s been since 2019 when it was decreased by 5% from the 2018 stage.
“I like that we’re in a position to deal with all this with none new revenues,” Mayor Tom Dailly stated.
Income sources for the plan embrace bonds, consumer charges, grants, gross sales taxes, interfund transfers, TIF allocations and shared state taxes.
Development of the brand new village corridor on the present website will start subsequent 12 months. Whereas that’s going down via the top of 2026, employees will relocate to a brief constructing at 1000 Woodfield Street. That constructing will later be demolished to make manner for a brand new police station.
Design work is deliberate to start subsequent 12 months to maneuver the Schaumburg Fireplace Division’s administrative places of work to Fireplace Station 51 at 1000 W. Schaumburg Street.
Paul Valade/[email protected]
The present police station is subsequent to the village’s latest fireplace station at 950 W. Schaumburg Street. Design work will start subsequent 12 months so as to add the fireplace division’s administrative places of work there. The present location at Station 54 at 1601 N. Roselle is taken into account cramped and insufficient, and can later be was a coaching house.
Schaumburg’s new five-year capital enchancment plan envisions changing the fireplace division’s outdated administrative places of work inside Fireplace Station 54 at 1601 N. Roselle Street with a coaching facility.
Paul Valade/[email protected]
In the meantime, a plan to renovate and broaden the foyer of the Prairie Middle subsequent to village corridor is being expedited to reap price financial savings by doing it along side the ultimate 12 months of the village corridor’s building, Hewson stated.
Moreover, the village will spend $21 million for street design and building with its Very important Streets program, which incorporates an anticipated $13 million in grant funding. The anticipated initiatives embrace repairing McConnor Parkway, Woodfield Street from Meacham to Plum Grove roads, and Salem Drive from Schaumburg Street to Weathersfield Method.
One other $8 million is deliberate for the reconstruction of resurfacing of residential streets throughout 2025.
The village board is predicted to provide ultimate approval early subsequent 12 months.
Comments are closed.