Berwyn Rises to Five-Year High for Economic Development

BERWYN, Ill., Jan. 13, 2012 /PRNewswire-USNewswire/ -- The Berwyn Development Corporation (BDC), in partnership with the City of Berwyn, has taken an aggressive approach to attracting new businesses as well as assisting the existing network of business owners to stay competitive. Through the support of Tax Increment Financing (TIF) and a Commercial Loan Program, Berwyn's economic development has experienced a five-year high in economic growth.

Between 2007 and 2011, Berwyn supported 49 TIF projects and experienced over $38 million in total construction investment in its four TIF corridors along Roosevelt Road, Cermak Road, Ogden Avenue and in its downtown Depot District. Jon Fey, Board President of the BDC, commented, "The consistent and steady increase in total investment is a positive sign that business owners consider Berwyn to be a good home. We have a solid infrastructure, a supportive community and a cooperative, business-friendly environment in our city administration, which makes Berwyn a stand-out location." Mayor Robert J. Lovero added, "Berwyn has so many assets that we've been able to position ourselves well to overcome the challenges of a down economy. When we set out to market the city with our tagline Berwyn Rising, we delivered."

In 2011, eleven TIF projects resulted in the improvement of over 58 thousand square feet of commercial space and leveraged more than $9.3 million in total construction investment, which represents a 12.57% increase from 2010. Notably, this investment ushered in a record-breaking start for Buffalo Wild Wings Grill & Bar, the expeditious courtship of Berwyn Kia, the opening of the closest Culver's location in relation to Chicago, the remarkable transformation of a warehouse into Paisans Pizzeria & Bar and the rapid success of the award-winning Autre Monde Cafe & Spirits. The BDC forecasts solid growth into 2012 with the anticipated openings of Meijer at the newly revamped Cermak Plaza, five new tenants slated for the new Berwyn Gateway Plaza including The Vitamin Shoppe, Chipotle Mexican Grill, Verizon Wireless, Play N Trade, and one other restaurant, and more in the works. Anthony Griffin, Executive Director of the BDC, stated "We assisted these national retailers with a trade market analysis, the site selection process, land acquisition or lease negotiations, financing, and entitlements, which allowed them to commit to new construction in Berwyn. We are very proud to have achieved four consecutive years of year-over-year private investment growth during a difficult economic period."

For a full review of Berwyn's economic development accomplishments, visit http://www.berwyn.net/resource-library/bdc-publications and click on the "2011 BDC Annual Report." Additional information on the BDC's programs and services can be obtained by calling (708) 788-8100 or following us at facebook.com/BDCorp and twitter.com/bdc_berwyn.

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.

SOURCE Berwyn Development Corporation