HUNTLEY – The Village Board approved a new business development agreement designed to promote the development of the 58-acre Huntley Crossings property.
The agreement approved Thursday calls for a 50-50 sales tax split between the village and developer, excluding tax generated by the existing Culver’s restaurant, according to documents from last week’s Committee of the Whole meeting.
The deal stipulates that Huntley Crossings LLC develop a Panera Bread on the site by Dec. 31, 2016, and three additional new businesses by Dec. 31, 2018. None of the businesses can be a bank.
The inclusion of the stipulation regarding Panera Bread was a result of frequent requests for the restaurant on resident surveys, Village Manager Dave Johnson said.
“It was certainly heard as an interest up and down the Route 47 corridor,” Johnson said.
The deal would replace the original agreement regarding the property, which was approved in late 2006 when the 58-acre parcel was annexed.
That agreement has since expired.
The original agreement stipulated that the village would split taxes until the amount returned to the developer totaled $3.5 million.
The new agreement reduces that number to $2.95 million.
If the required businesses are not open by their target dates, the village will retain the full amount of sales tax from the site, according to the documents.
Since the propriety was annexed, a Culver’s and a BMO Harris Bank have been built on the site.
Also approved at the meeting was an agreement to provide incentives for Hiwin Corporation to move its offices from Elgin to Huntley.