Glenwood to help tavern make improvements

GLENWOOD | The Village Board on Tuesday accepted the recommendation of Glenwood's Economic Development Committee and approved a redevelopment agreement with The Station Tavern and Grill, 151 N. Glenwood Ave.

The total amount of the agreement is not to exceed $50,000. The village would loan up to $37,500 at 3 percent interest for up to five years. The remaining 25 percent would be covered with tax increment finance funds, provided the projects completed are TIF-eligible.

Village President Kerry Durkin said this is the first time the village has entered into such an agreement and that it was done in response to the inability of small businesses to obtain help from banks.

"It is difficult for small businesses to obtain financing at any reasonable term or rate for rehabbing the business," Durkin said.

With Trustee Twone Thomas not present, the board approved the agreement by a 5-0 vote, but not without some hesitation.

"It bothers me that I would not want the village ... in effect ... attempting to be a bank," Trustee Al Freeman said.

Economic Development Committee Member JoAnne Alexander said that only businesses located in a tax increment financing district would be eligible to receive such help, but Durkin later confirmed that almost every commercial property in Glenwood is located in a TIF district. In a TIF district, the village can use property taxes generated from the district to help improve the businesses located within it.

Durkin said while incentives often are given to bring new businesses into a town, there is little that can be done to help established businesses.

"The purpose of a TIF is to basically enhance that corridor and allow for business expansion and survivability," Durkin said.

Trustee Terry Campbell spoke in favor of the redevelopment agreement and said the village could not survive without small businesses.

"It today's environment, I think this is right and just to help businesses," Campbell said. "I couldn't be happier that we're giving it to someone who is small and has 30 years in the village."