DOWNERS GROVE, IL — At its March 11 meeting, the Downers Grove village board will consider creating a Tax Increment Financing (TIF) District to facilitate the redevelopment of Meadowbrook Shopping Center. A public hearing was held March 3 regarding the proposal for the plaza, located at 2133 63rd St.

No comment were made by residents or neighboring establishments during the public hearing.

The property was bought by Stellco Properties in 2022. They plan to add a 15,000 square foot retail or grocery store, along with three new outlots of 8,400 square feet or more for additional retail tenants, per village documents.

Property Meets Requirements of Tax Increment Redevelopment Allocation Act (TIF Act)

According to information presented by SB Friedman Developing Advisors during the meeting, the property meets the eligibility of the Tax Increment Redevelopment Allocation Act (TIF Act). The site qualifies as a “blighted” or “conservation area,” due to factors that include excessive vacancies, deterioration, inadequate utilities and other considerations.

According to data shared by SB Friedman Developing Advisors, the plaza’s vacancy rate was around 40 percent in the spring of 2023. In contrast, they estimated similar nearby shopping had an average vacancy rate of six percent.

Per the presentation, “deterioration was observed on all parcels” of the proposed TIF area. Cited deterioration included cracked sidewalks, crumbling parking lots and damaged buildings.

The property’s inadequate utilities were cited as a lack of stormwater management systems and “underground and overhead utilities” that don’t exist in the proposed TIF area, are old or obsolete or are not sufficient for the proposed TIF area’s needs.

Redevelopment Plan Objectives, Estimated Costs

The redevelopment plan aims to demolish parts of the plaza, if needed, and improve its appearance and public infrastructure to encourage private investment. This may include repairing buildings and upgrading their facades and making other upgrades to the site.