Montgomery officials are discussing a possible tax incentive to get a Binny’s Beverage Depot to locate in the village.
The formal Village Board vote on the plan is scheduled for next month.
According to the plan, Binny’s would get to keep 85 percent of sales tax revenue generated at the Montgomery store for the first five years, 65 percent of the sales tax revenue for the next five years and 50 percent for the five years after that. There is a cap, though, of $1.5 million. If before the agreement is up Binny’s keeps that much in sales tax money, the agreement will come to an end.
“Were actually thrilled,” said Trustee Steve Jungermann. “The agreement works two ways, it’s either $1.5 million or the 15 years, whichever comes first.”
Jungermann said the liquor store should bring more people to the Montgomery Ogden Hill shopping area, helping out other businesses there.
Trustee Denny Lee said time is of the essence in the deal and said the beverage retailer wants to be open by Thanksgiving.
“I am happy with the agreement,” he said.
Community Development Director Rich Young said the Binny’s would go in the 20,000-square-foot space that was once home to an Office Depot at 1150 Ogden Ave.
“Staff has worked with them closely to put together the agreement,” he said.
Jungermann said village officials as well as trustees have been quiet on the subject of the retailer moving into the space out of necessity.
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“We weren’t clear about the tax incentive at our previous meeting. We wanted to make sure that we had the tax incentive figured out before we went public with it,” he said.
Judy Pochel is a freelance reporter for The Beacon-News