The Council of Development Finance Agencies recently announced Berwyn Development Corporation (BDC) as the winner of the 2012 CDFA Excellence in Tax Increment Finance Award for the corporation's work on the Berwyn Gateway Plaza, a six-retailer urban infill redevelopment project at the intersection of Cermak Road and Harlem Avenue in Berwyn.
The BDC partnered with the City of Berwyn to complete the long-term vision for the Berwyn Gateway Plaza. A three-year land acquisition period led to the construction of 19,910 square feet of new commercial space in an urban infill environment. Several sources of capital and equity were used to fully finance the project, including developer and tenant equity and bank loans. The initial funding came through tax increment finance, according to a news release.