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University Station Gets TIF Green Light

WAUKEGAN, IL-The City Council approves TIF financing ordinances targeted at revitalizing the dying Lakehurst shopping mall area. The TIFs are a shot in the arm for plans by developer Martin Tuohy to create his $800-million University Station, a higher-education-oriented mixed-use project.

By Ted Jackson | Updated on October 18, 2000

WAUKEGAN, IL-The Waukegan City Council has approved three separate TIFs for the area surrounding the dying 1 million-sf Lakehurst shopping mall. Developer Martin Tuohy has a big vision for revitalizing the area with an $800-million plan called University Station.

“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.

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