The Mount Prospect Committee of the Whole recently discussed ways to drive economic development at its Jan. 26 meeting.
Economic development was among the items on the agenda for the Mount Prospect Committee of the Whole's Jan. 26 meeting.
The committee reviewed and discussed village policies related to offering business incentives to attract new businesses and retain existing businesses. In the past, the village has used a variety of incentives to encourage businesses, including business improvement districts, Cook County class 6b assessments, sales tax sharing agreements and tax increment financing districts.
At the next meeting, staff will present an overview of the village's incentives. Staff will also update the committee on other communities' incentives, especially those that target certain types of businesses.
The committee also reviewed the strategic plan implementation guide that was drafted by facilitator Lyle Sumek and village staff. The strategic plan was approved in 2014. The implementation guide is intended to reinforce the village mission by establishing six goals: business, commercial business districts, cultural climate, development, governance and infrastructure. The guide adds details to the village's vision for the community and organization as it looks forward to 2030.
The board and leadership team also discussed the implementation guide and individual goals. Targets for action were prioritized by the board into top, high and moderate-level priorities. After the discussion was finished and other business items reviewed, the meeting was adjourned.