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TIF May Help Scottsdale Turn-Around

CHICAGO-A Lowe's home improvement store is one potential big-box retail operation that could be lured to the 16-acre Scottsdale Shopping Center at the southeast corner of 79th Street and Cicero Avenue.

By Mark Ruda | Updated on April 12, 2005

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CHICAGO-Owners of a longtime Southwest Side shopping center could get as much as $18 million in tax increment financing to lure a big-box retailer, such as a Lowe’s home improvement store. Using tax increment financing at the southeast corner of 79th Street and Cicero Avenue, site of the Scottsdale Shopping Center, was endorsed Tuesday by the community development commission.

Built in 1955, the 16-acre retail center a few blocks south of the Ford City Mall now has a vacancy rate of about 50%, says department of planning and development project manager Bill Neuendorf. While not yet a blighted area, the center’s vacancy along with obsolete and deteriorating buildings help make it a candidate for redevelopment assistance.

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