Schaumburg trustees Tuesday voted 5-1 to approve $3 million in village funding and the advice of a Cook dinner County tax incentive to allow Itasca-dependent Tony’s Refreshing Marketplace to renovate the previous Dominick’s in Town Square and open a grocery keep of their have there by July.
The full $13 million challenge is predicted to develop 200 new employment and deliver the village far more than $300,000 annually in gross sales and foodstuff & beverage taxes.
Trustee Mark Madej solid the dissenting vote, detailing afterward that he assumed a theater or some other type of entertainment venue would be a much more successful new anchor for City Sq. than a grocery retailer.
Other village officials concurred that the accredited challenge wouldn’t materialize without authorities help. Financial Advancement Director Matt Frank explained Tony’s wouldn’t pursue the job without help as it would not split even for extra than five a long time.
That 65,000-sq.-foot Dominick’s closed, together with what remained of the chain, at the conclude of 2013. But even with Tony’s purchasing the home at 200 S. Roselle Street in 2015, it was kept vacant by means of this spring by Albertsons — the mother or father corporation of Jewel — training lease extensions to fend off levels of competition.
Schaumburg Mayor Tom Dailly claimed that failure to seize the opportunity which is just presented itself could possibility several extra several years of vacancy in what was normally meant to be a crucial anchor to City Sq. at the southwest corner of Schaumburg and Roselle streets.

























“I look at it as reinvestment in the city heart to revitalize it,” Dailly said.
The assistance will come with tasks for Tony’s. The village’s 1st $1.5 million would be paid out upon opening of the store in July, even though the remaining $1.5 million would observe on the third anniversary of that opening.
Furthermore, Tony’s would facial area financial repercussions if it did not manage 200 work through the 12 decades of the nonetheless pending Course 7B assets tax incentive from the Prepare dinner County Board, Frank stated.
If accredited, the Course 7B incentive would slash residence taxes virtually in 50 % about its 12-year interval. It operates by cutting down the stage of assessment on the house from 25% to 10% for the initial 10 yrs, then boosting it to 15% in 12 months 11 and 20% in 12 months 12 just before returning to regular.
A day has not still been established for the proposed incentive’s thing to consider by the county board.