Four items on Monday’s Board of Trustees meeting pertain to a proposed Dollar General Store at 4 Main Street, currently the vacant site west of and adjacent to First Midwest Bank. (Graphic: ENEWSPF)
Park Forest, IL-(ENEWSPF)- Park Forest may be home soon to a newly-constructed Dollar General Store, pending the Village Board’s review of proposals for purchase of property and tax incentives. Four items on the Board of Trustee’s agenda for Monday’s meeting pertain to a proposed store at 4 Main Street, located just west of First Midwest Bank off Western Avenue.
The items as they appear on the agenda are as follows:
- Application for Tax Increment Finance Revenue Sharing at 4 Main Street (Dollar General)
- Application for Cook County Class 8 Economic Incentive (Dollar General)
- Approval of a Resolution Regarding the Sale of 4 Main Street, a 1.24 acre vacant land parcel, Park Forest, Illinois a portion of PIN 31-25-403-003-0000 (Dollar General)
- Consideration of a Resolution to Approve a Final Plat for Millco Investments Resubdivision being a Resubdivision of Part of Lot 3 of Resubdivision of Outlot A in Downtown Park Forest Unit 2 (Dollar General)
Regarding to the first item, according to a memo from Sandra Zoellner, Assistant Director of Economic development & Planning, "Using the 2012 County Multiplier and Tax Rate, and the construction pro forma estimate the estimated property taxes on a project with a value of $1Million at 4 Main Street, Park Forest would be approximately $185,135 annually. With the Class 8 incentive the taxes would be approximately $74,013 annually."
A separate memo from Sandra Zoellner lists the following advantages for entering into an agreement and sale of the property:
- The Buyer is well informed and well-versed in the Cook County property tax code. He has developed a relationship with a reputable tax attorney in Illinois.
- The Buyer is a preferred Developer for Dollar General and can meet their time schedule.
- The property has stood vacant for more than ten years and this new development may stimulate more interest in the adjoining property for future development.
- There is sales leakage in general and discount retail for Park Foresters, along with groceries, and this Dollar General can help to reduce the leakage.
- The Dollar General is expected to garner $1.4 million in annual sales, which could result in $14,000 in new sales tax revenue for the Village.
The items are on for discussion at Monday’s Rules Meeting. The proposed developer is Millco Acquisition Company, LLC. Dollar General Corporation is located in Goodlettsville, TN.
The entire agenda for the April 1 Village Board meeting is available here. This link is only good for one week, after which the link will show subsequent agendas of the Park Forest Village Board.
Gary Kopycinski is editor and publisher of eNews Park Forest and a village trustee in Park Forest. This reporting is his own. eNews Park Forest, Inc. is an independent media company and is not affiliated with the Village of Park Forest in any way.