Title/Name/Summary
Original Pancake House - Inducement Agreement
History
The Original Pancake House is relocating from 15256 LaGrange Road to 16153 LaGrange Road. 16153 LaGrange Road is the former home to Houlihan’s restaurant. The property at 16153 LaGrange Road has been vacant since the end of 2019. The petitioner has indicated that relocation to this space would not happen without financial assistance from the Village. This qualifies them for the Village Back-fill Restaurant incentive.
The Back-Fill Vacant Restaurant Incentive Program would allow Original Pancake House to receive 50% of the sales tax generated at their location for 10 years up to a maximum amount of $500,000. The following is a summary of the proposed terms:
Original Pancake House Project Build-Out - is anticipated to be approximately $2,000,000
50% sharing of sales tax
Ten-year term or Maximum 25% of certified project costs whichever comes first
These terms are consistent with other inducement agreements.
The proposed Inducement Agreement is attached. This request is now before the Village Board for consideration.
Recommended Action/Motion
I move to approve a sales tax sharing Inducement Agreement with Original Pancake House as outlined above pending approval of all Village planning, zoning, and building requirements;
AND
Authorize the Village Manager to execute the Inducement Agreement, subject to Village Attorney Review.