WESTERN SPRINGS – A new framework for offering incentives to businesses signals the village’s hope that it attracts more development as the economy improves. On Oct. 28, the Village Board approved the Economic Development Incentive Policy, which sets guidelines for retaining or attracting businesses through incentives like low-interest loans or waived building permit fees. When assigning incentives, priority will go to businesses located downtown, including existing ones.
“The focus is more on retaining existing businesses. That’s always my priority,” Economic Development Director Marty Scott said. “Retaining what we have because we have so many solid existing businesses that we’ve had for decades.”
All incentives will be performance-based. For example, a sales tax rebate will only be granted if a business generates a minimum amount of revenue.
“I think in the next few years we’re definitely going to be using and referring to the plan more often,” Scott said. “When people start to reinvest more.”
Village to replace run down train platform
The village is planning to reconstruct the east platform at the downtown train station, either in 2014 or 2015.
The platform, between Lawn Avenue and Wolf Road, is falling apart and will be replaced in full, from the tracks up to the parking area, Scott said.