Sugar Beet Co-Op asking village for $250,000 Madison St. TIF incentive

View from the street of the forthcoming Sugar Beet Cooperative at 812 Madison St. in Oak Park. The organic grocery store, expected to open in early 2015, recently announced that it had signed up its 500th member-owner. | Courtesy of Susanne Fairfax
View from the street of the forthcoming Sugar Beet Cooperative at 812 Madison St. in Oak Park. The organic grocery store, expected to open in early 2015, recently announced that it had signed up its 500th member-owner. | Courtesy of Susanne Fairfax

The Sugar Beat Food Store Cooperative — the 5,300-square-foot-store planned for the first floor of The Grove Apartments on Madison Street near Oak Park Avenue — is asking for some financial help from the Village of Oak Park through it’s Madison Street Tax Increment District.

The request, set to be discussed at the July 21 Village Board meeting, is part of an agreement that comes from recommendation from the Oak Park Economic Development Corporation. According to the request:

The Oak Park EDC recommends that should Sugar Beet raise $800,000 in member loans by December 31, 2015, the Village would then provide $250,000 from the TIF District towards Sugar Beet’s build-out costs and  that the Village co-sign a line of credit for $250,000 for use as a contingency with oversight by the Village and/or the Oak Park EDC.

The proposal suggest that the addition of Sugar Beet will bring in $62,000 in annual sales tax and $42,000 in community property taxes.

Read more about the proposal in the agenda here:

Oak Park Village Board: Sugar Beet Agenda item

 

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