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Gurnee board approves $2 million incentive package to ready former Sears Grand space at Gurnee Mills
Summary
The Gurnee Village Board approved a six‑year redevelopment agreement to contribute $1 million and rebate up to $1 million in sales tax (total $2 million) to renovate the vacant former Sears Grand (about 66,000 sq ft) for a global home‑furnishings retailer; Simon Properties will invest about $6 million, with the retailer expected to invest additional funds.
The Gurnee Village Board on Dec. 1 approved a redevelopment agreement authorizing up to $2,000,000 in incentives to renovate the vacant former Sears Grand anchor at Gurnee Mills and prepare the roughly 66,000‑square‑foot space for a new global home‑furnishings retailer.
Mayor Thomas Hood opened the public hearing on the proposal and village staff explained the package would be delivered over a six‑year schedule: the first two years would be direct contributions (about $250,000 per year), years three and four a combination of direct contributions and sales‑tax sharing, and years five and six sales‑tax sharing only. Staff stated the program would be first‑dollar sharing (no base) and capped so the village’s total contribution would not exceed one‑third of eligible improvements, which staff said are estimated at $6,000,000.
Jocelyn Gubler, vice president of development for Simon Properties, told the board the mall has been able to fill large vacant boxes in the past and described the prospective tenant as a budget‑friendly, global home‑furnishings chain expanding smaller‑format stores; Gubler said the firm and the tenant expect to invest in the space, with Simon’s own work estimated at about $6,000,000 and the retailer expected to invest additional capital after that.
Village staff presented an analysis that projected the store could generate roughly $450,000 in sales tax to the village and said, even after the incentive payments, the village would net revenue over the first six years compared with the pre‑development baseline. The public hearing record contains no formal objections.
The board voted on the redevelopment ordinance (ordinance 2025‑83) and recorded a unanimous aye on the roll call; the item will be executed as a redevelopment agreement with Mall at Gurnee Mills LLC and procedural steps for permitting and construction will follow. The village indicated construction is expected to begin shortly after the New Year.
Authorities referenced during the meeting included Ordinance 2025‑83 (redevelopment agreement) and associated staff analyses provided at the hearing. The board’s motion to advance the agreement was recorded and approved by roll call.
