The renovation of the Glendale Heights Shopping Center, the gateway to Glendale Heights, could be months away if the village and center officials can work out an incentive package.
The center is part of a tax increment financing district Glendale Heights set up 18 months ago at North Avenue and Glen Ellyn Road. The other major part of the district is the 16-acre Venture property on the south side of North Avenue.
The village is offering incentives to help improve property in the district. The amount of money the village might be willing to share toward renovation will depend on how much the assessed valuation of the center will rise after the project is completed, said Marty Olsen, the village’s community development director.
William Slevin, who bought the center this spring, is confident that the value of the property should double with the existing and new tenants and a modernized center.
“With the help of TIF funds, we could create a real business district on North Avenue in Glendale Heights,” said Slevin, who estimated renovations to cost several million dollars. “The TIF package is the catalyst.”
Slevin, who owns the nearby Glendale Nissan, said he is planning to expand that dealership and open a Kia dealership and a used car and truck superstore.
Leases on eight businesses are currently being renegotiated.