TIF Loan to Aid Lincoln Village Makeover

CHICAGO-BGP Lincoln Village, L.L.C., which is redeveloping Chicago's first shopping center, will get a $4.95-million loan at 8% interest to pay for part of its $25-million redevelopment project at the North Side retail center.

By Mark Ruda | March 21, 2002 at 01:01 AM

The city is making the loan through tax increment financing revenue. The loan is subject to city council approval, which is expected this month.

The redevelopment at 6055-6199 N. Lincoln Ave. is expected to bring a Border's book store to the North Side retail center, which was built about 50 years ago. The center includes a former Loew's Cineplex, which the New York-based movie theater company bought for $7.05 million in 1994.

A 109-unit senior housing multifamily project will be built behind the center.

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