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Board approves $650,000 incentive to attract a "destination restaurant" after 4-3 vote; several TID agreements also pass
Summary
The Village Board approved an amended TID agreement that conditions up to $650,000 in MRO payments to attract a destination restaurant (vote 4-3), and unanimously approved several other tax-increment development agreements and municipal revenue obligations for local projects.
The Village Board approved an amended and restated Tax Incremental District development agreement with PropCo MF LLC that conditions up to $650,000 in municipal revenue obligation (MRO) payments to attract a regionally drawing "destination restaurant." Trustee Tyler moved the measure; the board passed the authorization to issue the MRO by voice, 4-3.
Under the amendment the $650,000 incentive would be paid over roughly 11 years (likely starting in 2027 and ending in 2037) and requires a minimum three-year lease for the tenant; the lease deadline for the incentive to take effect is April 15, 2028, and the village retains termination rights if the lease condition is not met. Village manager Mark Fitzgerald said the developer has invested approximately $38 million in the site.
Supporters framed the incentive as a way to produce an anchor amenity that could lift surrounding development and apartment demand. "That destination restaurant also just enhances that whole corner there," the presiding…
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