A shopping center once a key player in Machesney Park's economic well-being is having financial problems.
Village administrators can't comment on the foreclosure of the Machesney Park Mall, but they say no matter what, they'll continue to invest and support the shopping center.
Right now construction is underway on a new road and roundabout. The project is meant to spruce up the area surrounding the mall.
Nearly 10 years ago Rubloff Development bought the mall on a loan from what is now BMO Harris Bank.
That loan was for nearly two million dollars. The balance is more than $600,000 plus interest. That was supposed to be paid in full nearly a year ago. Regardless of the foreclosure Village President Tom Strickland says a ten-year plan, including numerous advancements and improvements will still move forward.
"Ten year plan includes the ponds on the north and south sides and out in front. Re-doing the ring road, getting more businesses in the mall," said Strickland.
Strickland says the village will be seeking legal council if needed. No word yet on the fate of those stores in the mall.
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