As AndrettiKarting proposal advances, SchaumburgIL abandoning plans for performing arts center on same site & shifting $27.5 million already saved.
Trustees on Tuesday further recommended changing the policy for saving future annual reserves by making police officer and firefighter pension funding as a higher priority.
Those plans are expected to go before the zoning board of appeals and village board in the early fall for a likely opening in spring 2025, Schaumburg Economic Development Director Matt Frank said. Under the newly recommended policy for saving reserves, the first $500,000 of surplus revenue at the end of each fiscal year would go to the police and fire pension funds. Any beyond that would be divided evenly between the building replacement fund and the capital improvement plan that's focused more on roads and utilities.
Though the moment was rapidly approaching when a choice had to be made between the performing arts center and the Andretti project anyway, Mayor Tom Dailly said a growing need for more pension funding had just as much to do with the timing of the board's decision.
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