Title/Name/Summary
Egg Harbor - Inducement Agreement
History
Egg Harbor restaurant has occupied 14301 S. LaGrange Road in Orland Park.In March of 2024, representatives from Egg Harbor reached out to staff to discuss opening a restaurant in Orland Park. At that time the Egg Harbor staff were deciding between multiple locations in the south suburbs. The subject property was eligible for the back-fill vacant restaurant incentive since the previous tenant City Barbeque had closed in April of 2023. Representatives from Egg Harbor have indicated that the incentive was a major reason why they selected Orland Park over other locations.
The Back-Fill Vacant Restaurant Incentive Program would allow Egg Harbor to receive 50% of the sales tax generated at their location for 10 years up to a maximum amount of $225,000. The following is a summary of the proposed terms:
-Egg Harbor Project Build-Out - approximately $900,000.
-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 Egg Harbor 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.