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Redevelopment Plan Ok'd For Dempster-Waukegan
The incentive plan will permit development of the area around the intersection, chiefly Prairie View Plaza and old Produce World location.
The stores at Prairie View Plaza are situated in a straight line parallel to Dempster Street. If the mall is redeveloped, they will likely stay in that configuration.
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It's official. After a unanimous vote Monday, Morton Grove trustees approved the plan that they hope will renew the area at Dempster Street and Waukegan Road.
Prairie View Plaza, the shopping center at the southeast corner of the intersection, has lost tenants over the past few years, and its parking lot pavement is crumbling in places.
For that reason, the village of Morton Grove has spent months exploring the idea of establishing a Tax Increment Financing (TIF) district there. In a TIF plan, a municipality invests in infrastructure, and then plans to recoup its investment when the renewed properties generate higher property taxes.
The TIF plan encountered some oppositiion from residents concerned that it would diminish revenue for local school districts 67 and 70. However, the village designed a revenue-sharing plan that would allow the school districts to reap some of the financial benefits of the TIF plan. Essentially, the village would also create a business district--another designation under Illinois law--in the same location, and increase sales taxes in the designated area by 0.25 cents (25 cents on $100).
Morton Grove village trustees voted unanimously Monday to approve the TIF plan.
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Nigel
1:48 pm on Tuesday, June 12, 2012
And what will happen with the current tenants? LA Fitness (formerly Bally's) and Dominick's??????
Pam DeFiglio
3:04 pm on Tuesday, June 12, 2012
NIgel, good question. I think this is still to be determined.
Pat Craig
6:19 pm on Tuesday, June 12, 2012
As I understand the current thinking Dominicks will remodel and be one of the anchors of the refurbished mall. L A Fitness, on the other hand is most likely toast, ,(and that is a GOOD thing). Bally's/LA Fitness has generated no sales tax revenue and has generated way too many police activity calls.
I believe that John Said, (economic development director for Morton Grove), can answer specific questions.