BizWeek: Mega money for large development 'megasites'; progress on former AT&T campus

'Megasites' program gets mega money

Gov. J.B. Pritzker on Monday announced the creation of a $40 million grant program to incentivize the creation of large development-ready areas known as "megasites" across the state.

Townhouses set for former AT&T campus

Nearly five years after the redevelopment of Hoffman Estates' former AT&T corporate campus into the Bell Works Chicagoland "metroburb" was proposed, village board members on Monday approved 164 high-end townhouses to begin the project's long-promised residential component.

TIF district OK'd for Spring Hill Mall

West Dundee trustees on Monday night agreed to create a new tax increment financing district for Spring Hill Mall. The new TIF district will take in most of the mall and some surrounding areas.

TIF legislation for Bears stadium

Legislation that would give the Chicago Bears a massive property tax break to redevelop Arlington Park has a surprise sponsor: Democratic state Sen. Ann Gillespie of Arlington Heights, who said she's open to the concept if it comes with her long-sought reforms to tax-increment financing.

Best Buy closing in Algonquin

The Best Buy in Algonquin will be closing in less than a month, a company spokesperson said. The company will not be renewing its lease for the store, located near the intersection of Randall Road and County Line Road, the spokesperson said, noting the last day of business will be March 4.

Former Fritzl's faces wrecking ball

Much of the old Fritzl's restaurant on Rand Road in Lake Zurich will be demolished to make way for a new firehouse-themed restaurant following approval by village leaders.

Palatine wants to make improvements

Palatine is going to offer businesses within the downtown tax increment financing district grants to help pay for exterior improvements.