The Biz Week That Was: $5 gas, Bears seesaw, and long vacant strip mall razed

Gas prices hit $5 across the suburbs; key inflation gauge jumps to highest level in 3 years

A key inflation measure jumped in March as gas prices soared, the latest sign that the Iran war is pushing up the cost of living and delaying any interest rate cuts by the Federal Reserve. Gas prices across the suburbs hit a high of $5 Thursday. Average retail prices across Illinois hovered above $4.6 per gallon for regular gas and above $5 for midgrade and premium fuel, according to AAA.

NFL focuses on fate of Bears stadium as the legislative clock ticks

The National Football League is closely following the Chicago Bears stadium saga as it winds its way through the Illinois General Assembly, officials indicated after a meeting Wednesday. The team is swithering between Arlington Heights and Northwest Indiana for its new den. On Tuesday, the Illinois Senate took up a crucial megaproject bill that would offer financial incentives for the Bears to build a stadium in the suburbs, potentially a deciding factor for the franchise. The NFL’s stadium committee met virtually Wednesday morning with Bears Chairman George McCaskey and CEO Kevin Warren, who provided football executives with an update.

Schaumburg extends TIF district to Loeber Farm for controversial residential development

Three months after approving the controversial 33-acre Loeber Farm development, Schaumburg trustees approved a tax incentive extension to fund public improvements. The expansion of the tax increment financing district along Meacham Road aims to cover utilities, a bridge over Salt Creek and flooding solutions. Elmhurst-based Nitti Group plans to build 43 single-family homes, 37 row houses, and 42 townhouses. A previous proposal for 357 rental units faced strong opposition from Rolling Meadows residents.

Des Plaines will team with developer to convert shuttered YMCA facility into new athletic center

Des Plaines is set to purchase a long-vacant YMCA facility and lease it to a company that will renovate the building and operate a new athletic center there before eventually taking ownership, city officials announced Wednesday. The city council on Monday will vote on a proposed contract to purchase the former Lattof YMCA, 300 E. Northwest Highway, from the YMCA of Metropolitan Chicago for $1.85 million.

Demolition wrapping up on long-idle downtown Lisle strip mall

After years of sitting vacant, a strip mall at the entrance to downtown Lisle is nearly no more. Demolition crews have all but removed the old Family Square Plaza from the gateway property at the southeast corner of Ogden Avenue and Main Street. It sets the stage for a planned redevelopment that would add a mix of apartments, ground-floor commercial space and more public parking to the downtown.

Illinois retailers celebrate early successes of state-funded apprenticeship program

Launched by the Illinois Retail Merchants Association, the Illinois Retail Leaders Apprenticeship Program is the first of its kind in Illinois and includes both online coursework through the College of Lake County and an in-person apprenticeship with an Illinois retailer. A little over a year into the program, which was formally announced in February but began recruiting last year, organizers and participants already claim individual success stories, touting a 100% apprentice retention rate as they focus on sharpening the skills of current retail employees.