Title/Name/Summar
Original Pancake House Inducement Agreement - Update
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. On April 21, 2025, the Village Board Approved a request for the Back-Fill Vacant Restaurant Incentive Program. The terms were as follows:
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.
The original agreement required that the improvements be complete by August 18, 2025. Due to delays with permitting and building materials the petitioner is requesting an extension to complete the improvements by November 18, 2025.
Recommended Action/Motion
I move to approve the revised Restaurant Back-Fill Incentive inducement agreement with Original Pancake House as outlined above;
AND
Authorize the Village Manager to execute the Inducement Agreement, subject to Village Attorney Review.