Title/Name/Summary
Martin Implement Business Retention / Expansion Program Request - Approval
History
Martin Implement, Inc., who is currently located at 16400 S. 104th Avenue in Orland Park, recently received approval to construct a new 34,000 square foot facility within the Orland Park Business Center development at 18405 W. 115th Avenue.
The owners of the business have requested financial assistance under the Village's Business Retention and Expansion Program. Martin Implement meets the requirements for assistance under this program, which is limited to businesses who have been in operation in Orland Park for at least five yeats and agree to stay for at least three years after their expansion. Reimbursment is funded through a 50/50 sharing of incremental sales and property tax revenues generated from the business up to a maximum of $200,000.
The business estimates that the sales tax revenue received by the Village will grow by approximately $145,000 per year over the next five years. Additionally, they anticipate adding 13.5 employees during the same period.
Additionally, Development Services staff estimate that the total permit and exaction fees due for the new building will total approximately $77,500. The Village Manager recommends that the plan review and permit fee portion of this expense be waived (estimated at $32,375.00). This recommendation is based on the fact that this business is currently located within the Cook County portion of Orland Park and would consider new sites in Will County. To assist in keeping this business located in Orland Park, the fee waiver is recommended. Martin Implement, Inc. would still be responsible for water connection, road impact and Fire District fees ( see attached).
On April 23, 2007, this item was reviewed and approved by a 3-0 vote by the Planning and Economic Committee and referred to the Board of approval.
Financial Impact
None
Recommended Action/Motion
I move to approve the application for assistance by Martin Implement, Inc. of Orland Park under the Village's Business Retention and Expansion Program in an amount not to exceed $200,000;
and
Approve to waive building permit fees for their new facility located at 18405 West 115th Street.