Village officials said Monday night they will offer financial help to a developer who intends to replace an aging shopping center with townhouses.
Neri Developments of Addison asked the village for $2 million to demolish the Army Trail Shopping Center at the southwest corner of Army Trail and Mill Roads. The money is intended to offset the costs of site improvements, demolition, buyout of leases, soil contamination stabilization and design expenses.
The shopping center is within the Army Trail-Mill Road tax increment finance district, which allows the village to recoup its investment through future real estate tax revenue.
“Something absolutely has to be done with the shopping center,” said Village Manager Joseph Block.
The nearly vacant 100,000-square-foot shopping center was built in the late 1950s and once was the economic center of the village.
Neri intends to build 42 townhouses along with commercial space. The townhouses are expected to sell for about $200,000 each.
