Ideas for an entertainment district north of the Schaumburg Convention Heart may perhaps be coming into focus as village officials consider shelling out a preschool and day treatment heart $3.5 million to get out of the way.
Just about five several years back, the village of Schaumburg compensated $6.58 million for a pair of single-story business office properties north of the Renaissance Lodge to raze them for a new leisure district.
Village trustees will vote Tuesday evening on whether or not to pay out an additional $3.5 million to the buildings’ final tenant — Vivid Horizons — to leave by May perhaps 31, relatively than stay to the conclude of all its lease extension selections in 2045.
Whilst the present-day lease expires in 2030, village officials stated there are current options for three automated 5-year extensions further than that.
Schaumburg Financial Development Director Matt Frank reported the village would then demolish the 110,000-square-foot Woodfield Eco-friendly Government Centre in the fall, enabling its 8.75 acres to be redeveloped as an entertainment district.
Village officers imagine a 28-acre region on the east aspect of Meacham Highway, anchored by the conference centre and that includes eating places, resorts and leisure venues.
Frank and Schaumburg Mayor Tom Dailly explained it would be fair to infer that you can find a explanation for the village’s urgency to transfer the preschool out, but they declined to examine details.

























“We are extremely anxious to get began with the entertainment district,” was all Dailly would say.
A agent of Bright Horizons mentioned the company could not comment just before the agreement is approved. But Frank explained the village’s comprehending is that the preschool and working day treatment center plan to relocate to Roosevelt University’s Schaumburg campus just throughout I-90.
Schaumburg currently has compensated some other tenants of the Woodfield Environmentally friendly Executive Centre to depart their leases early, but the $3.5 million underneath thought for Dazzling Horizons is much more than all the rest combined, Frank stated. The future highest payment was $1 million.
The amount of money negotiated with Shiny Horizons was based on the value of the lease and its remaining extension alternatives, Frank said.
The income is coming from a tax increment financing district set up to fund public enhancements in a redevelopment place alongside Algonquin Highway, both equally east and west of Meacham Highway. Such districts established apart a share of the house taxes usually intended for nearby governments for up to 23 several years to pay for improvements.
The payment subtracts from other likely utilizes in the space, this kind of as the 12-acre community park remaining designed on the Veridian assets throughout Meacham Street that used to be Motorola Solutions’ corporate campus, Frank explained.
Dailly said there experienced been hopes of razing the Woodfield Environmentally friendly Govt Centre significantly before, but the offer with Shiny Horizons took some time to function out.
“This just one dragged on two several years lengthier than I anticipated,” he explained.
Dailly additional that he was dumbfounded the earlier owner of the structures had agreed to a lease so extensive, but this sort of leases have to be highly regarded by potential landlords.