The redevelopment of Edens Plaza moved forward with the Wilmette Village Board`s approval Monday of a $10 million tax increment financing plan to help rebuild the shopping mall.
The board voted 5-1 to approve the plan for the three-level mall over objections from residents who have opposed the project as too big.
With two department stores and 80 specialty shops and restaurants, the mall will replace the complex at the northwest corner of Skokie Boulevard and Lake Avenue, built in the 1950s by Carson Pirie Scott & Co.
Under the financing plan, the village pledged to return half of future sales and real estate tax increases from the shopping mall to project developers. The limited obligation bonds will be paid over 30 years, according to Wilmette Corporation Counsel Bob Mangler.
