SOUTH HOLLAND | Village officials on Monday approved a redevelopment agreement with Love’s Travel Center that will bring a restaurant to South Holland.
Love’s will build an auto and truck fueling station at 1533 E. 162nd St. The location is right off of Interstate 94, where Gibson Chevrolet was located.
As part of the redevelopment agreement, Love’s will deed 1.5 acres to the village for development.
“It is our intention to put a family-style sit-down restaurant in that location,” Village Administrator Jason Huisman said. “Restaurants have proven to be very successful when they are located right off of the interstate and adjacent to a Love’s Travel Center.”
In September, the board approved a motion to grant Class 8 tax incentives to Love’s. The measure qualifies the new business for the incentive on its appraised property value for 10 years.
The board also adopted a tax increment financing inducement resolution that will allow the company to apply for TIF funding to help with construction costs. Tax increment finance funds are used for redevelopment purposes and the increased tax revenues in that location are then reinvested in the district.
“This is a $9.3 million investment in South Holland,” Huisman said. “Love’s will build a 10,000-square-foot facility that will provide jobs in our community.”
In July, the board approved an ordinance to amend the Interstate Zoning District to allow for travel centers.
In other news, the board also approved a resolution to authorize the purchase of property at 236 E. 161st Place.
The property, formerly known as the Wausau Lumber & Coal Co., will be used for a train station and parking lot.
“The Southeast Commuter Service Rail will run on the tracks adjacent to the property,” Huisman said. “We plan to build a train station there as part of the development of the Town Center.”
The time frame for development is not known at this time, according to Huisman.