WESTMONT – Westmont trustees and developers have agreed to a $3 million incentive package that will bring a 71,000-square-foot Mariano's grocery store onto 63rd Street just off Cass Avenue.
Trustees approved the incentive deal and proposed development plan unanimously at a meeting Thursday night.
"If you had to pick a company to bring into town, this would be number one on the hit list," Trustee Bob Scott said at the meeting.
Village Finance Director Spencer Parker said the village is anticipating Mariano's to generate about $520,000 in sales tax revenue per year and bring 400 jobs opportunities.
With a projected cost of $20 million to build and open the grocery store at 150 W. 63rd St., Bradford
Real Estate asked the village to reimburse it $3 million for expenses with litigation, stormwater detention and traffic signals on 63rd Street.
The money will be repaid to the developer through tax reimbursements over a span of eight to 13 years, according to Parker.
"[Bradford Real Estate] informed the village that without the financial assistance, this development [Mariano's] will not happen," Village Attorney John Zemenak told the board Thursday.
"We have a number of expenses and extraordinary costs associated with this project," said Jay Eck, Vice President of Bradford Real Estate.
Trustee Jim Addington was convinced the deal was a good one.
"If we want [Mariano's] in Westmont, then this is what we have to do," Addington said. "This agreement and deal that was worked out is just amazing."
Developers project to open the store by early 2016.
Mariano's has been expanding its high-end grocery store across the Chicago area, with nearby stores in Elmhurst and soon to be Wheaton.