Controversial Speedway opens in Lake Barrington
Lake Barrington Village President Kevin Richardson made a ceremonial first purchase at a new Speedway gasoline station and cafe that officials expected to provide at least $100,000 in annual sales tax revenue.
Village officials, Speedway representatives and others gathered to mark the business's debut Thursday at Kelsey Road and Northwest Highway. Richardson filled his car with gas for the Speedway's first purchase.
"This is an exciting day for our community and we are fortunate to have a great partner in Speedway," Richardson said.
Highlights of the business include a 20-pump station with a full-service convenience store and Speedy Cafe, which touts freshly made food and handcrafted beverages.
Village officials said the Speedway is projected to generate at least $100,000 in annual sales tax for Lake Barrington. Barrington Area Unit District 220 is expected to collect about $55,000 annually in property taxes.
Many Lake Barrington residents protested the Speedway before it was approved in November 2014. About 500 residents signed a petition opposing the gas station.
Lake Barrington trustees approved the Speedway during a 7½-hour meeting that ended at 2:30 a.m. The village board followed a couple of weeks later with approval of a 15-year, revenue-sharing agreement with the company.
Under the deal, the village will split with the company the first $160,000 of new sales-tax revenue collected at Speedway and keep anything beyond that amount. Speedway can't receive more than $1.2 million from Lake Barrington over the life of the agreement.