Batavia willing to give, lend up to $100K to get new restaurant
Batavia is willing to give and lend money to the owner of a downtown strip mall to get a restaurant to move in.
The Alex Group would like a $25,000 grant and a $75,000 loan for remodeling work being done at 10-30 N. Island Ave. to put a Briana's Restaurant in the space. The mall is on the northwest corner of Wilson Street and Island.
The owner says it will spend about $500,000 to remodel the space, about $272,000 of which would be eligible for the loan and grant.
The eligible work includes installing a fire-suppression sprinkler system because the restaurant plans to have more than 200 seats, said Alex Dino of The Alex Group.
Briana's has restaurants in South Elgin, Palatine and Elburn. They serve breakfast and lunch.
Part of the space formerly held an insurance agency. It has been vacant for several years.
Aldermen were unanimous in their agreement Tuesday. The council will take a binding vote June 5.
The money will come out of the fund for tax-increment financing District 1. The money comes from property taxes collected on properties in that district, and is to be spent on projects that will increase the value of properties in that district.
The city will charge 2.75 percent on the five-year loan.
The remodeling is already underway. "I stuck my head in the other day. It looks terrific," Alderman Susan Stark said.
"I'm very glad to spend the money because I like to see something better there," Alex said.