SOUTH HOLLAND, IL — The village board here voted 5-0 to provide a $175,000 tax incentive to bring a carwash and possibly a restaurant and retailer to the area, nwi.com reported.
The Nov. 6 story stated that the owners will apply for $175,000 in tax increment financing (TIF) eligible funds. Money needed for demolition of the old buildings, landscaping and carwash construction are all TIF eligible expenditures.
In a TIF district, taxes generated from the development are used to make further improvements in the district. The carwash’s developer noted that the TIF agreement would expedite building the wash and also attract other developers to the property.
The carwash will take up about an acre of the 3.3-acre property that used to be a car dealership. A restaurant and a retail outlet are potential suitors for the other two acres.
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