![]() ![]() "We're really looking forward to this project coming to fruition. "We probably have been able to get this done in the short/long amount of time we've had due to the phenomenal communications we've had with everyone." Minx said. Trustee Rita Minx thanked residents, the developers and village staff for the redevelopment gaining approval less than a year after the property changed hands. "We promised people that we would invest in Morton Grove. It's investment for the village," DiMaria said, thanking the developers for doing business in Morton Grove and taking a risk on the project. ![]() ![]() The developers will only receive the reimbursement if the site generates more tax revenue than current levels. Those reimbursements will come from growth in property tax revenue and 50 percent of all new sales taxes provided by Sawmill Station. Because the value of the shopping center has not increased in the past seven years, the previous Dempster/Waukegan TIF fund never got any money.Īs part of the redevelopment agreement approved at the July 8 meeting, the village agreed to reimburse the developer for about $25 million in expenses authorized to be covered by TIF funding. That fund can be only used for infrastructure improvements and other costs associated with redevelopment. In a TIF district, tax revenue generated from any growth in property values within the district after it is established is diverted from local taxing bodies and set aside into a TIF fund. 22 reviews of Sawmill Theatres 'My inlaws live near Payson, and we were visiting with our 2 month old daughter over the Christmas holiday. Over the 23-year life of the new TIF district, the area is anticipated to grow to an assessed value of between $85 million and $90 million. Access Wilmington is updated daily with the top local events, music performances, theater, film, sports and community events happening in the Wilmington, NC. The assessed value of property in the redevelopment area was about $17.3 million in tax year 2017, according to the plan. "The shopping center continued to deteriorate and the EAV, equalized assessed value, of the TIF district continued to decline," Czerwinski said.Ī March 2019 overview of site of the planned Sawmill Station Shopping Center development. The former owner provided a plan for redevelopment, but it went nowhere. Since 1978, the property had been owned by a trust connected to Federal Construction, a Canadian property management firm. "We have a great team working on something that's fabulous for our community," Czerwinski said, praising the public-private partnership between the trustees, village staff and the developer, "who's really moving this forward - versus a previous owner who had the property, who didn't move anything forward." ![]()
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