BERWYN – Two Berwyn businesses were approved for TIF fund benefits by city officials following a recommendation from the Berwyn Development Corporation at the Berwyn City Council meeting June 17.
Dunkin' Donuts, 7020 Ogden Ave., is planning to rehab their 2,283 sq. ft. building at a total estimated cost of more than $172,220. A maximum of $8,095 in TIF funds was approved.
There are currently18 full-time employees and three part-time employees. Management anticipates an additional four full-time employees and six part-time employees to be hired when the project is completed.
Assistant City Administrator Evan Summers said revenue forecasts indicate the business would produce $315, 875 in local tax revenue over the next five years.
"When they complete these improvements, it will increase the traffic through the drive-thru, and thereby increase gross sales," Summers said.
Big Tease Salon, 6733 Stanley Ave, plans to rehab a 1,100 sq. ft. building to accommodate more customers. The total cost of the project is estimated at more than $40,000. A maximum of $20,000 in TIF funds has been approved.
There are three full-time and one part-time employee at present. A revenue forecast showed the business would produce $38, 632 in local tax revenue over the next five years.
"Big Tease has a good customer base," Summers said. "The move into a bigger space is going to allow her more customers and it's good for the Depot District for decreasing the vacancy rate."
Berwyn businesses applying for TIF funds undergo an intense analysis to determine what return the city will get on the investment, Summers said. The business must stay open for five years. For every year open, 20 percent of the TIF funds provided are forgiven.