Main Street Re-Development To Bring Jobs & Economic Development

Main Street Re-Development To Bring Jobs & Economic Development
Posted on 08/26/2011

by Orland Park Mayor Dan McLaughlin

This is an exciting time for the Village of Orland Park as we embark on the next chapter of the village's history with the expansion of Downtown Orland Park. We have spent the last several years making this a reality for our community and it's with great anticipation that the village has announced the first phase of re-development for this area, Ninety 7 Fifty On The Park.

First of all, the public needs to know what we are trying to achieve with our Main Street re-development. It is very simple. If we don't invest in our community, if we don't carefully plan for our future and our children's futures and if we sit on our hands, we will be surpassed by those communities that have the vision and the courage to build their communities, leaving us to solve the problems created when Orland Park is passed over by businesses and residents moving to those progressive communities.

Communities and states often leverage their resources and partner with private enterprises to advance local economic development and that is what Orland Park is doing. We have painstakingly researched the best ways to launch a re-development for the village's downtown and protect the community's investment- while maximizing its return.

This project will create substantial short and long term job opportunities, strengthen our commercial base, attract new businesses, enhance the beauty of our village- protecting property values- and help us preserve Orland Park's reputation as one of the most desirable communities in the nation. What's more, it achieves all of this without increasing property taxes.

Under the terms of the agreement, the village will secure the financing for the project by taking advantage of its very strong financial position. The village will serve as the lender, thereby securing the loan with the new improvements. The village will also invest in the project through a "project incentive" and recover that through the performance of the project over time. The developer will also contribute equity toward the project. Over time, the village is taken out of the deal by the developer, with ample opportunity to recover the community's investment. By the village controlling the financial and development levers, we do just that.

From the beginning, the new downtown project has been a painstakingly, carefully planned initiative designed to renovate an older part of town in order to create a true lifestyle center that enhances Orland Park's reputation as one of the most desirable communities in the nation. Our objective has been and will continue to be to maintain the quality of life we've all come to value and enjoy and to ensure a vibrant future for our community. The new Main Street re-development is the foundation for this.

However, I want our residents to know that we --- the Village Board and staff --- have never taken anything more seriously. In no way was this rushed. We have spent hundreds of hours and consulted numerous financial and real estate experts over the last two years to ensure that we are considering all options in this large, complicated project. I have every confidence that this project will be a huge success and will be the impetus for a very successful downtown re-development of which everyone can be proud.