Tony's Finer Foods could get tax break to fill Schaumburg Dominick's site
Schaumburg officials are backing a proposed tax break for Itasca-based Tony's Finer Foods, if it moves into the vacant Dominick's store at the southwest corner of Schaumburg and Roselle roads.
The property tax incentive, which now must be approved by the Cook County Board, provides temporary relief for businesses doing significant construction or rehabilitation on a vacant property. The Dominick's in the Towne Square shopping center closed at the end of 2013.
A Class 7c incentive lasts for five years. During the first three years, the property's assessment is reduced to 10 percent, saving the company significantly on its tax bill. The assessment rises to 15 percent in the fourth year and 20 percent in the fifth, before returning to the normal 25 percent level.
Because the company is making arrangements to buy the former Dominick's space, the time frame for the opening of the new grocery store is still up in the air, said Dominick LaSpisa, controller and real estate director for Tony's.
This would mark the second time Tony's Finer Foods has filled a vacant Northwest suburban grocery store in recent years. In May 2013, Tony's opened a location at Barrington and Irving Park roads in Hanover Park, taking over a former Ultra Foods store that had closed less than a year earlier.
The chain also operates stores in Melrose Park, Plainfield, Countryside and at four Chicago locations.
In addition to filling the Dominick's spot, Schaumburg officials are working with potential tenants for two other long-vacant properties -- the adjacent Applebee's building in Town Square and Schaumburg's other Dominick's building at Higgins and Meacham roads.
While not yet disclosing the potential tenants, Schaumburg Economic Development Manager Matt Frank said last month that it's a non-grocery retailer expressing interest in the Dominick's building on Higgins Road.
Two breakfast-lunch restaurants were bidding for the vacant Applebee's space in June, Frank said.