Niles Village Board on Sept. 26 approved a non-binding agreement with a developer for a $440 million project to redevelop Golf Mill Shopping Center. The village would contribute $96 million in a TIF.
This website stores data such as cookies to enable essential site functionality, as well as marketing, personalization, and analytics. By remaining on this website, you indicate your consent.A rendering shows what a future Golf Mill Shopping Center, with outdoor shops, residences and a water feature, might look like when the shopping center is redeveloped. The Niles Village Board approved a non-binding redevelopment agreement Sept. 26.
Funding for the redevelopment would come in part from a $96 million “pay-as-you-go” tax increment financing plan, as outlined in the non-binding agreement approved by the village board.Asked how the proposed plan would affect Niles’ residents’ tax burden, Melaniphy said, “I see this as a positive impact because it’ll generate more sales than currently at the mall.”
A privately owned plaza for public gatherings and public events is also included in the first phase, per the agreement. According to the non-binding agreement, called a term sheet, officials of Sterling Organization, Golf Mill’s owner and the developer on the planned project, said they estimated Phase One will cost the company approximately $204 million.
Preliminary renderings show what a proposed pavilion might look like at a re-imagined Golf Mill Shopping Center in Niles. - Original Credit: Village of Niles Melaniphy said he hopes that will create a dynamic economy for the redeveloped mall, with residents patronizing the stores and restaurants and patients going to the medical offices stopping to shop and have a meal before or after their doctor appointments.Mayor George Alpogianis shared the credit when speaking about the non-binding agreement at last week’s Village Board meeting.”Looking at my right to my left right now, and all these people on the [board] have been very supportive.
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