A rendering of the Cook County highway maintenance facility at the southeast corner of Algonquin and Meacham roads that the village of Schaumburg hopes to buy to enable redevelopment there.
Courtesy of village of Schaumburg
Schaumburg officials are hoping to purchase a Cook County maintenance building at the southeast corner of Algonquin and Meacham roads to spur redevelopment there.
The village purchased another parcel for nearly $6 million at 2222 Hammond Drive to assist with the county’s relocation of the maintenance site.
The village of Schaumburg has purchased the Hunter Foundry Machinery Corporation property at 2222 Hammond Drive in hopes that the Cook County highway maintenance facility could move there from the redeveloping intersection of Algonquin and Meacham roads.
Courtesy of village of Schaumburg
At a committee meeting Tuesday, Schaumburg trustees are considering a proposal to use $10.5 million from tax increment financing district (TIF) funds to cover the land purchase, demolition and site work necessary to move the county from 2325 Meacham Road to the Hammond Drive location.
Schaumburg Mayor Tom Dailly said the county’s facility is in need of an upgrade and its current location is ripe for redevelopment at an important gateway to the village. But finding a suitable location for the facility to move to hasn’t been easy.
“It’s really a huge win for both of us,” he said. “We’re going to be very particular about who we let in there.”
A potential hotel, restaurant and retail development is a leading contender for the site, village officials said. Such a project has been calculated to generate up to $14 million in additional property tax revenue for the TIF district that’s scheduled to expire in 2038, as well as up to $1 million a year in consumer taxes.
But it’s projected to take until September 2028 before the village would take ownership of the vacated county site. Hunter Foundry has an 18-month lease to remain on Hammond Drive before its site could even begin to be demolished to make way for construction of a new county facility.
Cook County officials could not be reached for comment Friday. The county board is scheduled to discuss the agreement Thursday.