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Wauconda OKs TIF-backed incentives for roof repairs at 110 S. Main (former Middleton's)
Summary
The village approved an economic incentive agreement for 110 S. Main that reimburses up to $20,000 (50% of roof cost), waives permit fees for two years and authorizes up to $15,000 through the façade grant program; the agreement contains a five-year clawback clause and is funded with TIF dollars.
The Wauconda Village Board on Oct. 21 approved an economic incentive agreement to support repairs and improvements at 110 S. Main, a building dating to 1875 previously known as Middleton's.
Administrator Matson described discussions with the property owner and said the owner asked the village to cover 50% of a roof replacement. "Staff is recommending that the village enter into an economic incentive agreement to provide up to $20,000 to reimburse the owner for 50% of the cost of the roof replacement, two years of permit fee waivers and up to $15,000 consistent with the village's façade grant program," Matson told the board. The agreement includes a clawback clause requiring the owner to repay a portion of the grant on a decreasing schedule over five years if the restaurant does not open and remain open.
Matson said the lessee intends additional exterior repairs and that staff expect the restaurant to open sooner than the March 1 deadline written into the agreement. When asked whether the assistance would come from the village's TIF district or general funds, staff responded that the funding source is TIF.
Board members moved and seconded the resolution and approved the incentive by roll call. The administrator said the proposal was discussed at the Economic Development Commission the prior week.
The agreement binds the village to reimburse eligible costs up to the amounts stated and subjects the owner to repayment obligations if the business does not meet the operating conditions outlined in the clawback clause. The board did not amend the March 1 open-by date at the meeting; staff said the date can be adjusted by written action if needed.
