Options for an entertainment district north of the Schaumburg Conference Heart might be coming into concentrate as village officers contemplate paying a preschool and day treatment centre $3.5 million to get out of the way.
Just about 5 yrs in the past, the village of Schaumburg compensated $6.58 million for a pair of single-story office properties north of the Renaissance Hotel to raze them for a new enjoyment district.
Village trustees will vote Tuesday evening on no matter if to pay back yet another $3.5 million to the buildings’ past tenant — Dazzling Horizons — to depart by May perhaps 31, instead than keep to the close of all its lease extension possibilities in 2045.
When the present-day lease expires in 2030, village officials reported there are existing selections for a few automated 5-12 months extensions over and above that.
Schaumburg Financial Progress Director Matt Frank stated the village would then demolish the 110,000-sq.-foot Woodfield Inexperienced Government Centre in the drop, enabling its 8.75 acres to be redeveloped as an enjoyment district.
Village officers visualize a 28-acre place on the east aspect of Meacham Road, anchored by the convention centre and featuring dining establishments, inns and enjoyment venues.
Frank and Schaumburg Mayor Tom Dailly said it would be truthful to infer that you can find a rationale for the village’s urgency to move the preschool out, but they declined to go over specifics.

























“We’re pretty anxious to get began with the enjoyment district,” was all Dailly would say.
A representative of Vibrant Horizons said the business could not comment before the arrangement is accredited. But Frank stated the village’s being familiar with is that the preschool and working day treatment heart strategy to relocate to Roosevelt University’s Schaumburg campus just across I-90.
Schaumburg already has paid some other tenants of the Woodfield Environmentally friendly Government Centre to depart their leases early, but the $3.5 million underneath thought for Vibrant Horizons is additional than all the rest mixed, Frank claimed. The future maximum payment was $1 million.
The total negotiated with Bright Horizons was based mostly on the value of the lease and its remaining extension selections, Frank mentioned.
The cash is coming from a tax increment financing district set up to fund general public enhancements in a redevelopment area alongside Algonquin Road, both east and west of Meacham Street. Such districts set apart a share of the residence taxes generally supposed for regional governments for up to 23 years to spend for enhancements.
The payment subtracts from other opportunity utilizes in the space, these kinds of as the 12-acre general public park becoming developed on the Veridian assets throughout Meacham Road that applied to be Motorola Solutions’ corporate campus, Frank said.
Dailly explained there had been hopes of razing the Woodfield Eco-friendly Executive Centre significantly previously, but the deal with Vivid Horizons took some time to function out.
“This one particular dragged on two several years lengthier than I anticipated,” he said.
Dailly included that he was dumbfounded the prior operator of the buildings experienced agreed to a lease so extended, but this kind of leases have to be respected by foreseeable future landlords.