Homewood Trustees Disagree On New Restaurant Tax Funding
The village is well-known for giving out tax incentive money to incoming businesses, but a request in excess of $200,000 from a new fine dining restaurant was grounds for controversy during the June 26 Homewood Village Board meeting.
Homewood's upcoming fine dining restaurant, The Cottage on Dixie, will receive just over $200,000 in TIF incentive money, but not all the trustees are happy about it. The Cottage on Dixie owners Glenna and Dudley Elvery applied for the TIF money through all three of the village's tax incentive programs: Retail Enhancement, Façade and Property Improvement and Go Green. The money is to be distributed among three years, with the first year's distribution amounting to $170,000, and then $21,250 for each of the following two years. Trustee Tom Kataras didn't like the plan. “… (Are) you aware that the majority of restaurants fail within the first two years? Not to be the harbinger of bad news, but you are asking for a sizeable chunk of community…
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Tony Dauginas
7:48 am on Saturday, July 7, 2012
I suggest reading the state statute on Tax Incriment Financing. more ›