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Updated 4/13/2021 8:20 PM
Vernon Hills plans to pay $46.5 million in incentives to help bring about the redevelopment of the 1970s-era Hawthorn Mall, long considered the village s retail centerpiece.
That amount emerged after lengthy negotiations with mall owner Centennial Real Estate. The Dallas-based company is proceeding with a $252 million plan called Hawthorn 2.0 to reinvent the 1.3 million-square-foot center at Townline Road (Route 60) and Milwaukee Avenue (Route 21).
Village contributions are the meat of a pending redevelopment agreement, which details conditions, schedules and obligations of both parties. The bulk of the payments would come from a tax increment financing district fund that grows as the value of property increases.