"A lot of developers are waiting to see what happens," says Don Wakely, director of government services for Waukegan, which is north of Chicago near the Wisconsin border. "He's got the option, let's see if he can implement his plan."
Tuohy is just now working on putting together a development agreement with Waukegan, which he expects to be in place next month. The TIF green light was critical to moving ahead with certain key aspects of acquiring to necessary funding to move forward with University Station plans, says Tuohy. Neither the city nor Tuohy would speculate on the potential value of the TIFs, which they said would become clearer once the final development agreement is in place.
Lakehurst shopping mall has been vastly under used for many years following the loss of two key anchors, Montgomery Wards and Goldblatts department stores. The University Station plan, while it seeks to preserve the retail, also seeks to redevelop much of the huge parking areas in the mall into a mix of higher education campuses, office and residential.
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