Gurnee’s village board has endorsed a plan to spend up to $10 million in public funding to bring a Macy’s department store to the Gurnee Mills shopping complex.
Board members agreed to borrow the money through the issuance of Midwestern Disaster Area Bonds, a federal program intended to help Illinois counties that sustained flood damage in 2008, according to the Daily Herald.
Under the agreement, the village would help Gurnee Mills’ parent company, Simon Property Group, pay to construct the Macy’s store at a former Circuit City location.
Gurnee Mayor Kristina Kovarik also supported the deal, according to the Daily Herald. Kovarik told the paper many other retailers are already looking to the village because of the department store’s decision to open there.
The board is scheduled to hold a binding vote on Nov. 7.