Rolling Meadows approves business incentive programs

ROLLING MEADOWS - City leaders have established a series of incentives to help attract new restaurants and retail shops to Rolling Meadows, with particular emphasis on welcoming businesses to its downtown/Kirchoff Road corridor, Business Advocate Martha Corner said.

The incentives, designed specifically for noncorporate, independent business operations, include a blend of fee reimbursements, partial refunds of sales or food and beverage tax payments, and grant funding for facade or interior work.

National chains and franchise owners, in most cases, are not eligible.

"We've expanded our available options for attracting new restaurants and businesses to Rolling Meadows," Corner said. "We view it as an opportunity to grow our business community, expand available options for local shopping and dining, and further diversify the city's tax base."

The tax rebate program allows new retail businesses on Kirchoff Road to receive home rule sales tax rebates equaling 25% after one year, 20% after two years, and 15% after three years. Shops that open in other areas of Rolling Meadows will receive annual rebates of 15%, 10%, and 5%, respectively.

New business owners may also apply for up to $10,000 in grant funding to cover facade and/or interior remodeling upgrades. Program details and applications are available online at cityrm.org/858/Restaurant-Retail-Incentives.