Romeoville OKs incentives
By Brock A. Stein Correspondent September 19, 2013 9:52PM
Updated: October 21, 2013 2:11PM
The Romeoville Village Board on Wednesday approved a pair of incentive agreements with developers of industrial and retail space.
Trustees approved an incentive plan for an 898,560-square-foot facility at 870 Taylor Road.
The new building will house manufacturing for Pactiv, a food-packaging manufacturer that already operates a facility at 1100 Taylor Road. Pactiv plans to operate both facilities.
The developer of the facility, Pizzuti, also plans to construct a 672,000-square-foot facility in the lot adjacent to the Pactiv development.
Under the incentive plan, the village will reduce its permit costs from $83.08 per square foot to $58.04, a savings of more than $177,000 for the project.
As part of the agreement, the developer must obtain a permit within a year for the proposed adjacent facility at 790 Taylor Road.
Mayor John Noak touted the jobs that will be created as well as the tax base once the buildings are completed.
“Buildings of this size have a tremendous impact on school districts especially,” he said.
Trustees also approved an amended incentive agreement with a developer for a site that will eventually become the home for a 60,000-square-foot big-box retailer as well as two casual dining restaurants.
Under the new agreement, the village will pay the developer $950,000 for the development of a Target or Kohl’s next to a Chili’s restaurant on Weber Road south of Taylor.
The developer would be entitled to another $100,000 for the development of two other restaurants at the site.
The original agreement was signed in 2007 with former developer Rubloff before the slowdown in the economy scuttled the project. The amended agreement is with new developer Ruby-08-Romeoville LLC.
“We hope that this agreement is going to spark some additional development,” Noak said.
In other business, the village approved its third property tax rebate since 2011.
The village will rebate a total of $225,000 to residents, which will appear as a $20 credit on their municipal water bills.
Noak said applying the rebate to water bills was the most cost-effective way to return the funds to residents. With October being the lightest month for water usage, he said many residents will see their smallest bills of the year next month.