In addition to demolition, the city expects to incur some expenses for environmental remediation, as well as infrastructure improvements. Because of the property is located within the city's Downtown Tax Increment Financing District, the bonds are expected to be paid off through increases in property taxes and sales tax revenue from the redevelopment project. The properties are held by multiple owners, including a former smelting operation.
The city also has hired McShane Corp./Bulls Development Corp., a joint venture partnership that will plan, develop, lease and sell space in the mixed-use retail and commercial development that will be known as Sheridan Crossings. Work is expected to begin this spring.
"The anticipated mixed-use parcel offering new retail and commercial establishments in the community will continue to support our residents, the civilian and enlisted staffs at the Naval Station, and the thousands of individuals who are employed by the large corporate enterprises situated in North Chicago," says Mayor Bette Thomas. "This represents a new beginning for the future of North Chicago."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.