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160192
| 1 | | | Request | Bradford Lombard 1 LLC (Mariano’s) Economic Incentive Agreement
Recommendation from the Economic and Community Development Committee to approve an economic incentive agreement for Bradford Lombard 1 LLC relative to the construction of a new 74,000 square foot Mariano’s grocery store on the property located at 345 W. Roosevelt Road, with an estimated project development cost of $25,500,000. The economic incentive that is being provided pursuant to the agreement is $3,000,000, with interest accruing thereon at the rate of six percent (6%) per annum until the entire economic incentive (both principal and interest) is paid in full, or the agreement terminates by its terms, whichever occurs first. The economic incentive will be paid solely from a portion of the real estate taxes, sales taxes and places of eating taxes generated from the subject property. The agreement also provides for the Village to facilitate and construct certain roadway improvements within the right-of-ways of Finley Road and Roosevelt Road abutting the subject property, at the Village's cost. (DISTRICT #2) | approved | Pass |
Action details
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