Golf Mill Redevelopment Open House 2024 - Village of Niles

The Village of Niles held an open house to discuss the redevelopment of the Golf Mill Shopping Center into a mixed-use town center. The project is a public-private partnership with Sterling Organization, aiming to revitalize the mall area with new retail, residential, entertainment, and office spaces. The redevelopment plan includes demolishing parts of the existing mall, constructing new retail buildings, and adding residential units with high-quality standards. Financing will involve a Tax Increment Financing (TIF) district with up to $96 million in incentives, structured to pose zero risk to taxpayers and no increase in taxes. The TIF bonds will be repaid solely from the increment generated by the redevelopment, with no general obligation bonds or use of general funds. The project is expected to create over 500 permanent jobs, increase sales and property tax revenues significantly, and provide a vibrant town center amenity for residents. The redevelopment agreement is anticipated to be approved by the village board in June 2025, with construction expected to begin by the end of 2025 and completion around 2028.