Transcript

Mendota approves tax incentive deal for Jimmy John’s development · Illinois Valley - Shaw Local

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Speaker 1: Mendota approves tax incentive deal for Jimmy John's development. Written
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Speaker 1: by Matthias Werner. This article is being read by an
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Speaker 1: automated voice brought to you by Everlett. Mendota City officials
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Speaker 1: approved a redevelopment agreement Monday that will give Rewolt Inc.
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Speaker 1: A fifty percent reimbursement on property tax gains from building
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Speaker 1: a Jimmy Johns at the corner of Washington Street and
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Speaker 1: Route two hundred and fifty one. Under the tax Increment
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Speaker 1: Financing deal, the developer will recoup half the property tax
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Speaker 1: increase generated by their improvements to the former First Federal
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Speaker 1: Savings Bank site through twenty forty five. The agreement also
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Speaker 1: includes a city loan to help rehabilitate the building into
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Speaker 1: the sandwich shop, a second commercial space, and a drive
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Speaker 1: through parking lot. If it's worth one million dollars now
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Speaker 1: and he makes it two million dollars, he will get
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Speaker 1: taxes on one million dollars. City Clerk Emily McConville said
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Speaker 1: Revolt won the bid for the corner location in May.
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Speaker 1: The city approved loan terms in June. The deal closes Tuesday,
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Speaker 1: aligned with the developers plan to open by late twenty
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Speaker 1: twenty six