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The Glen Town Center Bags Big TIF

GLENVIEW, IL-The most significant redevelopment currently under way in north suburban Chicago has taken a large financial leap forward with the finalization of a TIF for the project. It is thought to be the largest tax-increment financing ever awarded in Illinois.

By Dees Stribling | Updated on October 29, 2002

GLENVIEW, IL- Tax increment financing has closed for The Glen Town Center, a $250 million, 1.1 million-sf retail, entertainment and mixed-use project at The Glen, a development on the grounds of the former Glenview Naval Air Station in Glenview, IL. As part of the financing, the north suburban Village of Glenview awarded $76.5 million in tax-increment financing to San Diego-based OliverMcMillan and transferred ownership of 45 acres of land to OliverMcMillan Glenview LLC, developer of The Glen Town Center.

The remaining financing for The Glen Town Center is coming from a $56 million loan from Fremont Investment and Loan, OliverMcMillan’s own equity and Kimball Hill. As the largest TIF award in Illinois history, the Glen Town Center TIF will fund the development of the vacant land and be used to build infrastructure for The Glen Town Center.

Hangar One, the former hangar on the grounds of the air station, is benefiting from the TIF. The preservation and adaptive re-use of the hangar, including architectural designs that preserve the look and feel of the hangar, are being paid for by the TIF. Retail tenants taking space inside the former hangar are creating store designs that evoke the history of the hangar, and include the Iowa-based department store Von Maur, Borders Books and Music and sporting goods purveyor Galyan’s.

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