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updated: 8/9/2019 9:01 PM

Mount Prospect might borrow $8 million to pay for more downtown parking

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  • Mount Prospect village leaders are considering a proposal to borrow up to $8 million to fund downtown parking projects and other improvements. Officials say the bond issue would not lead to an increase in property taxes.

    Mount Prospect village leaders are considering a proposal to borrow up to $8 million to fund downtown parking projects and other improvements. Officials say the bond issue would not lead to an increase in property taxes.
    Melynda shamie | Staff Photographer, 2015

 

Mount Prospect village board members this week discussed issuing up to $8 million in bonds for a quartet of downtown projects.

Most of the money -- about $6.2 million -- would fund the planned Maple Street Parking Deck. The 268-space parking garage is planned southeast of the downtown Metra station, near the new Maple Street Lofts development.

Another $750,000 would pay for construction of a new elevator at Emerson Street Parking Deck. About $500,000 would be earmarked for parking in the downtown "Triangle" bordered by Northwest Highway, Busse Avenue and Main Street, and $426,000 would fund improvements at the former Central Plaza site.

Village officials said that property tax revenues will repay the bonds, but the entire amount of the annual levy for principal and interest will be abated using funds from the Prospect/Main TIF district. As a result, there will be no impact on the property tax levy, officials said.

Village Manager Michael Cassady emphasized that the $8 million figure is the maximum amount the village will borrow through the bond issue, and the final number could be lower.

"I think that's important for everybody to understand, the $8 million is probably the top level, and the not-to-exceed (price) will hopefully help us get it below that $8 million," Mayor Arlene Juracek added.