The Cook County Maintenance Facility for District 1 located at 2325 Meacham Road is in unincorporated Cook County and has been a target for redevelopment for many years. Cook County has recently become more receptive and engaged staff to identify a site central to the County Roadway system in District 1. The attached Term Sheet was negotiated and signed in April 2024. The Term Sheet set forth the details of the deal which included up to $10,500,000 in TIF assistance for land acquisition of 2222 Hammond, demolition and site work, and relocation. This set the framework to move forward with acquisition and drafting of a Redevelopment Agreement.
The Village of Schaumburg acquired the property at 2222 Hammond Drive in July 2024 to accommodate the relocation of the Cook County Highway Maintenance Facility located at 2325 Meacham Road. The Purchase and Sales Agreement included acquiring the property at 2222 Hammond Drive for $6,015,000, a leaseback agreement with Hunter Foundry for up to 18 months, and relocation assistance of up to $1,500,000 to assist them in moving to a new facility.
The Village of Schaumburg shall provide up to $10,500,000 to facilitate the relocation of the Cook County Maintenance Facility at 2325 Meacham Road to 2222 Hammond Drive. Cook County will provide the property at 2325 Meacham Road to the Village of Schaumburg after they have completed the construction of the new Maintenance Facility at 2222 Hammond Drive.
Once Schaumburg has control of the 2325 Meacham Road site, the property will be annexed into the Village and incorporated into the North Schaumburg TIF District. Future redevelopment at 2325 Meacham will enhance the North Schaumburg area and provide additional amenities at Algonquin and Meacham Roads.