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Economic Development
Economic Development
From the early weeks of the Pasquale administration in 2001, the Mayor put a priority on economic development. Mayor Pasquale put together a team expert in the field of development and dedicated to a long-term plan to make Bellwood a vibrant center for shopping, residential and industrial expansion and community activities.
As is the case in other older suburban communities, many of Bellwood’s better jobs, particularly those in manufacturing, have moved overseas. The infrastructure, both private (such as the manufacturing buildings left behind) and public (like the transportation and utilities left behind) put these communities at a strategic disadvantage in luring new business. This disadvantage is compounded by the fact that outdated manufacturing practices were not subject to today’s more stringent environmental standards, and thus, we frequently find that old manufacturing locations require costly clean up to bring them up to today’s standards.
Transforming facilities (some nearly 100 years old) into modern, attractive and desirable places to live and work meant that the economic development team had a long planning horizon ahead of it. Preparing for redevelopment was clearly going to be an expensive undertaking and even under the best of circumstances, visible progress was going to take several years.
Among Bellwood’s strengths identified by the economic team were a quality work force and the willingness on the Village’s part to support the Mayor’s redevelopment plans in spite of the knowledge that in come cases, these efforts would not bear fruit for 5 or even 10 years. Despite these difficulties, Bellwood maintained one overwhelming advantage. Bellwood is minutes from downtown Chicago and also just a few minutes away from O’Hare International Airport. Access to and from Bellwood is one of the most convenient of any Chicago suburb. Our Village sits at the crossroads of a major interstate highway, an important commuter rail line, an extensive bus network and one of the world’s busiest airports. Based on this, land acquisition for development provided the opportunity to reach a high level of development potential. There are few public resources to tap when it comes to public/private cooperation in development. Federal and state dollars have become increasingly rare. Those dollars from outside the community are more accessible if a more regional strategy is pursued. Bellwood did just that when plans were developed to build a new Metra station at 15th Avenue. This station will serve not only Bellwood. It will also serve the Village of Melrose Park, but because it is intended to be an intermodal hub, it will serve virtually all communities in the west suburban area.
The relocation of the station involves literally thousands of details and significant engineering challenges. The Pasquale Administration, through shear determination and tireless coordination with public officials locally, statewide and in Washington, D.C., structured the partnership required to set the new project in motion. It starts with $15 million for the train station and associated parking structure. All told, by the end of the process, over $300 million will be invested in Bellwood to bring approximately 900 new housing units, retail, entertainment, educational and other community service facilities to the area. Bellwood will achieve the dream of a new downtown and become, perhaps, the most significant transportation hub in the region outside of Chicago itself.
The new Metra station and surrounding site improvement is but one of the targeted development areas identified by Mayor Pasquale and his economic team. In order to spur new construction and the jobs it will bring, the Village must also provide public investment for infrastructure improvements and other incentives. To accomplish this, Bellwood has taken advantage of Tax Increment Financing (TIF). TIF funding remains among the most significant economic tools to encourage private investment in areas that have potential, but which require massive efforts for demolition, clean up and improvement of transportation, utilities and public facilities to meet modern standards.
Getting Bellwood ready for building has taken several years, but already, many of the benefits are beginning to be seen. Many areas have been cleared to damaged or unsightly structures. These efforts have improved the aesthetics and safety in the Village. There is no question that development deters crime and vacancy promotes it.
Economic conditions play a role in how quickly the private sector can react to a potential public partnership. The current economic downturn has dramatically curtailed private dollars devoted to new construction. But Bellwood’s efforts over the past eight years have positioned it well for the expected recovery. When money is available for retail, commercial and residential investment, we will be ready. That preparedness will lead to a much higher tax base, good new jobs, more and better shopping alternatives, new and modern housing opportunities, enhanced community services and a transportation hub which will be a vibrant center for the entire metropolitan area.