The Homewood board approved a budget amendment Tuesday, March 11, that will enable the village to make the second payment in the Stoney Point Grill incentive package.
The $85,000 payment is one of six the village agreed to pay as part of an $850,000 incentive package, more than half the estimated $1.5 million the company planned to invest in building the restaurant on the first floor of The Hartford, 2031 Ridge Road.
The first reimbursement payment was $425,000. The $85,000 payment enabled by the budget amendment is one of five annual payments at that rate. The payment was due one year after the restaurant opened. The grand opening was held in March 2024.
The restaurant is in the village’s Downtown TOD TIF District. The incentive payments are reimbursements for expenses that qualify under TIF regulations and for non-TIF expenses.
Village officials estimated the restaurant could generate about $1.5 million in sales and places of eating taxes during the life of the TIF, which will expire in 2040.
Related story:
Homewood trustees approve $850,000 in startup assistance for Stoney Point Grill (Nov. 17, 2022).