Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Board approves amended redevelopment incentive for Mia’s Cantina after cost increases
Summary
Trustees approved an amendment to Mia’s Cantina redevelopment agreement in the Prospect & Main TIF that raises the previously approved incentive from $176,500 to $220,000 to reflect roughly a 24% increase in project costs and revises payment timing (including a proposed $30,000 immediate advance).
The Village Board on Jan. 20 adopted an amendment to a redevelopment agreement covering Mia’s Cantina and five residential units in the Prospect & Main Tax Increment Financing district. Staff said the project’s original construction budget (~$683,350) has increased by roughly 24% to nearly $850,000 and recommended increasing the incentive proportionally from $176,500 to $220,000.
Staff explained the revised payment structure the petitioner requested: a $30,000 cash advance (payable on approval), a $100,000 payment at opening and a remaining $90,000 one year after completion. Staff noted the applicants submitted lien waivers showing more than $400,000 already invested in the property.
Trustees asked about completion timing and whether contractors had been paid. Staff replied that downstairs expansion and bar finishes are largely complete and that the upstairs apartment rough-ins are in place with finishes outstanding, and that the petitioner estimated completion by the end of June. After trustee questions, the board voted to waive the second reading and adopt the amendment during the meeting by roll call with all trustees voting in favor.
Next steps: Staff will process the amended incentive payment structure according to the revised schedule and monitor project completion timelines.
