Village Board Approves Financing Enabling the Addition of Macy’s at Gurnee Mills

For Release: 
Nov 8, 2011

 

GURNEE, IL – At the November 7, 2011 Village Board meeting, the Board of Trustees approved a bond issuance that will allow for the construction of a full-line Macy’s store at the Gurnee Mills Shopping Center. The 130,000 square-foot Macy’s is expected to open in the spring of 2013 and will add a new element to Gurnee Mills and the community.

 

The $9,995,000 bond issue will be used to finance the demolition of the former Circuit City store and prepare a building pad for construction of the new store, as well as numerous interior renovations, tenant relocations and other needed improvements related to the project. The debt will be repaid with sales tax revenue that was previously returned to Gurnee Mills through a sales tax sharing agreement which expires on December 31, 2012. Both the Village and Gurnee Mills expect that the addition of Macy's to help develop the center into a regional mall and further diversify the shopping opportunities available to area residents.

 

Gurnee Mayor Kristina Kovarik stated, "Gurnee Mills is an important asset to our Village and we have to invest to ensure the future viability of our retail corridor. This project will result in many great benefits, including valuable economic growth, new jobs and further add to our diverse shopping opportunities." She continued by saying, "The Village Board is committed to our residents and businesses to keep the Village strong and economically viable now and into the future."

For more information on the Village of Gurnee, please visit www.gurnee.il.us. For information on Gurnee Mills Shopping Center, please visit www.GurneeMills.com ( http://www.gurneemills.com/ ).

 

Contact: 

Contact: Pat Muetz, Assistant Village Administrator

Phone: 847-599-7513

Fax: (847) 623-0490

Email: PatM@village.gurnee.il.us