The Village of Olympia Fields is currently experiencing an unprecedented rate of growth in both the residential and commercial sectors of our economy. Over six subdivisions with a combined unit count of over 300 new home sites, are currently in construction, approved as final plat, undergoing preparation of final engineering and design drawings and/or at the Plan Commission undergoing preliminary plat review. The units representing a combination of condominiums, townhomes and single family detached housing range in value from $250,000.00 - $550,000.00. It is important to note that the equivalent home in terms of both quality and square footage within the north and west section of the Chicago Metropolitan Area, would sell for $650,000.00- $950,000.00 comparatively.

The Residential Appreciation Rate has customarily been utilized as an index for a community’s well being. It is significant to note that Olympia Fields along with its neighbor, Flossmoor, leads the Chicago Southland market with a double-digit increase in the real estate appreciation rate. Olympia Fields registers an eleven percent average rate of return on investment consecutively for the years 2004-2005 (statistics collected from Baird & Warner Real Estate South Suburban office as accumulated from data from the Realtor Association of West/South Suburban Chicagoland). This evidence is supported by independent analysis conducted by the Chicago Tribune comparing appreciation rates throughout the Chicago Metropolitan Area.

Within the commercial sector of our economy, the Village is entertaining the development of a transit oriented mixed use development along Lincoln Highway, The development of a new retail center along one our major east-west corridors and the annexation of site to accommodate the development of a new medical office complex. The new retail center, located in between two existing retail centers on Vollmer Road, the northern border with the Village of Flossmoor is currently under construction. The development plan includes the construction of J.P. Morgan Chase Bank, Cardinal Fitness and a new “class A” restaurant facility. All of our retail centers are experiencing positive infill, and TCF Bank New retail sites are being planned for a major mix used transit-oriented development along Lincoln Hwy (Rt. 30)

Metra commuter rail service is exercising a 2.75 million dollar capital project to develop a 500 space new commuter parking facility located at 203^rd and Kedzie Avenue. The state of the art facility is stimulating a new demand for transit-oriented development spawning the interests into undeveloped tracks for a major mixed used development proposal as well as two new residential sites. Adjacent to this new town center, Cook County will be releasing bids for the reconstruction of Kedzie Avenue, one of the Village’s north/south arterials, which is undergoing a $6,349,000.00 reconstruction and expansion project.

One quarter of a mile east of the new Metra facility, along 203rd Street, one of the Village’s major east/west arterials, St. James Hospital has just completed a $100,000,000.00 renovation and expansion project transforming the former Olympia Fields Osteopathic Hospital to a full-service health care facility including a Level I Trauma Center. As the community’s largest employer, this recently completed project has dramatically increased not only a demand for new housing, but has stimulated a demand for office space. Governor’s Office Park is currently boasting a 97-100% occupancy rate and the Village is currently entertaining an annexation request for a new medical office complex for the construction of a new 16,000 square foot facility.

While the Village of Olympia Fields is relatively a small community employing a modest size administrative staff, it takes pride in the level of professionalism and sophistication employed in managing short term and long-term goals and objectives. Exemplifying This commitment is the grant recently received from the Illinois Department of Commerce and Economic Opportunity to develop a Comprehensive Economic Development Strategy. The Village of Olympia Fields has received a forty thousand dollar grant from the Department of Commerce and Economic Opportunity (DCEO) to complete a four-prong economic development strategy designed to compliment the Mayor’s and Village Board’s economic development goals and objectives. The first element of this strategy involves a comprehensive strategic planning process to identify an economic development action plan. DCEO funds will be matched with local “in kind” contributions to establish a Village economic development Visioning Team, composed of key stakeholders having land ownership, business interests, and/or political and economic interests regarding the welfare of the Village’s future.

The Vision Team will go through a strategic planning process to identify opportunity and constraints impacting the Village’s economic base. Goals and objectives will be established to identify the future direction that the Village should undertake to stabilize and revitalize the Village’s local economy. Finally, the task force will be asked to identify key implementation strategies including elements to market the community within the region and target specific business and retail starts which are designed to compliment the Village’s economic mix, quality of life and long term economic sustainability.

The second element of our strategy calls for the development of an innovative marketing strategy, which will be designed to target commercial brokers and retail decision makers on the economic assets available for new retail development.

The third and fourth element utilizes DCEO funds to complete a comprehensive site master plan for two undeveloped parcels, which have recently received significant development pressures. Within these elements, the Village matched local planning initiative dollars with developer contributions towards the goal of completing the required scope in a public/private partnership.

In addition to the DCEO public-private partnership project, the Village receives a number of other Federal and State grants and earmarks to fulfill its service delivery objectives. To subsidize the Kedzie road renovations the Board solicited and received $135,000 earmark from Congressmen Jackson’s office for a decorative street lighting project. An additional $500,000 in federal aid was received to upgrade the Olympia Woods Pumping Station.

Stimulating the success in the receipt of Federal Dollars to offset local service deliver cost is the fact that Olympia Fields represents one of three communities regionally that employs a federal lobbyist to solicit federal grants, aids, and earmarks to offset capital and operational costs associated with municipal service delivery. Our relationship over two years has generated over 2.6 million dollars to addressing local needs or operational requirements such as our Southcom combined dispatch system.

A leader and advocate for regionalism within the Chicago Southland, Olympia Fields is continually exploring opportunities to produce both efficiencies and effectiveness in its legal and fiduciary obligations. Recognizing the cost associated with emergency dispatch and response the Village worked with three other municipalities to share responsibilities for police, fire and EMS dispatch services. Now in its 5^th year of operations the Village has not only saved thousands of dollars to its taxpayers; but is recognized throughout the State as a model for combined dispatch. Incorporated as separate legal enterprise, Southcom has extended itself in an entrepreneurial role to absorb a fourth community, lowering its costs the original member communities, while producing additional economies in operations.