LISLE, IL — The Lisle Economic Development Commission will meet Aug. 12 to discuss draft plans for the development and economic incentive proposals for Family Square shopping center.
The long-vacant shopping center at the intersection of Main Street and Ogden Avenue was formerly home to a Citgo gas station, a nail salon, a gyro restaurant, a liquor store and a laundromat. The three-acre site has since been acquired by Flaherty & Collins Properties, according to a news release from the Village of Lisle.
In Feb. 2026, the village began to weigh the option of extending the term of the area's tax increment financing (TIF) district.
The current TIF District is effective until 2038. Per project consultants S.B. Friedman, the current TIF District, would expire before the project could generate sufficient incremental value to "achieve the incentive request," village documents stated.
In 2022, then-Mayor Christopher Pecak vetoed a motion to designate a $10.5 million tax-increment financing (TIF) district for Family Square Plaza. Council members had voted 4 to 2 in favor of the TIF district ahead of Pecak's veto.
Support from underlying tax districts allows for a 12-year extension.
According to meeting documents, the request to extend the TIF district's term was approved by the Illinois General Assembly. The village's joint review board will meet Aug. 17 to vote on an amendment officially extending the term of the TIF district.
A public hearing on the matter is planned for Sept. 21.
Draft plans for the redevelopment are still to be finalized, but it's estimated the developer's initial $14 million incentive request will be "substantially reduced," per village documents.
The Economic Development Commission meeting is scheduled for Aug. 12 at 8 a.m.
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