Council of Development Finance Agencies Recognizes Berwyn Gateway Plaza Project for Excellence in Tax Increment Finance
BERWYN, Ill., July 9, 2012 /PRNewswire-USNewswire/ -- The Council of Development Finance Agencies (CDFA) is proud to announce the Berwyn Development Corporation (BDC) as the winner of the 2012 CDFA Excellence in Tax Increment Finance Award for the Corporation's work on the Berwyn Gateway Plaza, a six-retailer urban infill redevelopment project at the intersection of Cermak Road and Harlem Avenue in Berwyn, Illinois.
The CDFA Excellence in Development Finance Awards recognize outstanding development finance programs, agencies, leaders, projects and success stories. These awards, presented to award winners annually at the CDFA National Development Finance Summit, honor excellence in the use of financing tools for economic development, as well as the individuals who champion these efforts.
The Berwyn Development Corporation partnered with the City of Berwyn to complete the long term vision for the Berwyn Gateway Plaza. A three-year land acquisition period led to the construction of 19,910 square feet of new commercial space in an urban infill environment. Several sources of capital and equity were used to fully finance the project, including developer and tenant equity and bank loans. The initial—and critical—funding came through tax increment finance (TIF).
An existing TIF district was used to acquire the land and complete all initial due diligence. With a lengthy assemblage process, the development would not have come to fruition without the TIF district taking the lead financial role. Mayor Robert J. Lovero stated, "The Berwyn Gateway Plaza development has transformed an underutilized corner into a bustling hub for our Cermak Road corridor." Jon Fey, BDC Board President, continued, "This project is a fantastic example both for creating partnerships between public and private interests and for effectively leveraging a mature TIF to bring about a vast improvement to the district."
The CDFA Excellence in Development Finance Awards will be formally presented at the 2012 CDFA National Development Finance Summit, in Washington, DC on August 2.
"CDFA is proud to honor the Berwyn Development Corporation for their excellence in development finance. Their work in the area of tax increment finance is cutting edge, innovative and an example of best practices in our industry," said Toby Rittner, President & CEO of CDFA. Anthony Griffin, BDC Executive Director, commented, "It is gratifying to have seen the impact that the project has brought locally as well as to have our work recognized in the national arena. The City of Berwyn can attribute its success to the shared vision between the City Council and the BDC Board."
About the Council of Development Finance Agencies
The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net.
About the Berwyn Development Corporation
The Berwyn Development Corporation (BDC) is a public-private partnership with the City of Berwyn that provides economic development and Chamber of Commerce services to all segments of the Berwyn community. The BDC is a not-for-profit membership organization that serves over 300 business and individual members. The BDC focuses its efforts on those activities that will improve the overall climate for local businesses and residents, in addition to encouraging the development of new commercial venues and employment opportunities. The BDC continually strives to develop new programs, services and events that promote Berwyn businesses and the community. For more information, visit www.berwyn.net or follow the BDC at facebook.com/BDCorp and twitter.com/bdc_berwyn.
SOURCE Berwyn Development Corporation