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Schaumburg budgets for biggest year of capital improvements

Schaumburg's recommended 2018-19 budget envisions the largest capital improvement program in the village's history and the creation of a new Economic Development Department, but no increase to the property tax levy.

The $60 million tentatively budgeted for capital improvements includes $44 million from the village itself, with nearly all the rest coming from grants.

Among the highest expenditures in the program are $13.3 million for major roadway improvements, $8 million in upgrades to residential streets and $9.6 million for such utility projects as a water main replacement in the "W" section where all the street names start with the letter W.

The recommended Economic Development Department would be led by current Economic Development Manager Matt Frank and include one other current employee of the Community Development Departments as well as two new hires.

Village Manager Brian Townsend said Schaumburg might have created such a department anytime in the past 20 years, but he believes now is the particular right time. This is because of growing competition in the region for economic development as well as major changes in the retail industry Schaumburg has relied on for so long.

In fact, Schaumburg's property tax levy remains one of the lowest in the area while 61 percent of its revenues come from taxes on economic activity, Townsend said. The village is the second largest center of economic activity in the state, after Chicago.

Frank, who is also second in command of the Community Development Department, has until now been able to devote only half his time to economic development, Townsend said.

The recommended budget to be voted on by trustees Tuesday, April 24, would take effect May 1. It anticipates $241 million in revenues and $252 million in costs, with the $11 million difference coming from both bonds and reserves.

Plum Grove Road work tops list of 2018 Schaumburg projects

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