While I am glad to see that old vacant area of the Village Center could finally be rented/sold, I beg you to use common sense and wisdom in the area of providing incentives to execute this event.
If the village has any cash outlay for plan and/or building inspections, please keep accurate records of those amounts and be transparent with the residents as to what the village is giving this business.
The fact that the partners estimate the cost of this venture to be $1.5 million, this is part of the risk and cost of doing business. Likewise, it was a risk on the part of the original developer and mortgage lender to build this building without enough thought being put in if it can be a profitable venture.
If the village is to rebate the sales tax and tax on eating, it must be limited in length and have an iron-clad guarantee that the business will remain active for the length of the agreement. If the business should close, any amount that the village extended must be paid back to the residents.
Too often we read of incentives that a government body extended to a business only to have the business not comply with the requirements or close up shop.
Restaurants are known for having a short life in their first few years of business. Should this occur, to me it is unimportant of how the residents’ money gets back to us, even taking the money from the personal assets of the business owners.
I realize that the village could possibly get increased property taxes (providing they don’t have Mike Madigan as a tax lawyer), but the village and in turn the residents provided and will continue to provide fire and police protection whether that vacant area is utilized or not.
Please do not go overboard in providing incentives.
Paul Marhoul
Riverside
