Schaumburg is one of the largest hubs of economic activity in the Midwest, and one of Chicago’s most vibrant and attractive office markets. The heritage of the village dates back to mid- 19th century when settlers first began to arrive from Germany and the eastern United States. Then a township, the community was known as Sarah’s Grove, named for three young ladies all named Sarah who lived adjacent to the grove of woods that lined the area’s northwest boundary. In 1850, a consensus was reached to rename the township Schaumburg after a section of Germany where many of the residents originated.

Schaumburg has grown from a small farming town and a land area of two square miles, to a bustling suburban community occupying approximately 19 square miles. The emphasis on long- range planning has turned Schaumburg into a thriving commercial and employment center. There are more than 5,700 businesses located in the community that contain approximately 9.5 million square feet of commercial space. There are currently 11.6 million square feet of office space and 13.2 million square feet of industrial space.

The village has never levied a municipal property tax, resulting in a strong fiscal posture. This extraordinary situation is due to the village’s ability to rely on retail sales tax receipts to finance municipal services. Other sources of locally generated income include a hotel/motel tax, food and beverage tax, local share of state income taxes, telecommunication taxes, license fees, building permits and user fees.

Schaumburg is served by major highways (Interstate 290 and Route 53), yet is nestled in a campus setting with a reflection pond. The surrounding area is characterized by a mix of high-end office, retail, hotel and residential uses.

Schaumburg has recently experienced dramatic growth in population. Between the mid-1960’s and 1990, the village grew 70-fold from 986 to 68,586 people. The current population is now approximately 75,000 and will continue to grow an additional 10.6 percent to 83,000 by 2020. The median family income is $72,631 and the average home value is $178,200.

The Renaissance Schaumburg Hotel and Convention Center, opening in the summer of 2006, will become the showplace of Schaumburg’s growing community. The Convention Center will bring 150,000 square feet of meeting space and 500 hotel rooms in state-of-the-art, modern facilities. Woodfield Green is adjacent to the Convention Center.