Despite some enticements from the builders in the Village of Orland Park, the Francesca’s Vicinato Restaurant is staying put in Palos Park.
The Palos Park Village Council voted on April 28 to offer incentives for the business, located at 12690 S. LaGrange Road, to keep the popular eatery in town.
Palos Park Mayor Nicole Milovich-Walters said that the Edwards Realty company, which is overseeing the Downtown Orland Park project, tried to coax Francesca’s to move to that community and set up shop near 14200 LaGrange Road.
“Upon learning of this attempt to lure the restaurant out of Palos Park, I asked for a meeting with the owners of Francesca’s last year” Milovich-Walters said. “Based on that and subsequent meetings, the village drafted a Business Economic Incentive Agreement, which would keep a remodeled Francesca’s Vincinato in Palos Park for the foreseeable future.”
The restaurant is going through a $450,000 renovation and the village is making $100,000 worth of economic incentive payments. The village receives roughly $100,000 per year from the restaurant in taxes, the mayor said.
She added restaurant officials agreed to keep the restaurant in Palos Park for a minimum of five years.
“This renovation has been tested in another location,” Milovich-Walters said. “By doing this, they tend to make the tables turn one extra time on busy nights. That potentially increases the amount of taxes that we would receive.
“Having it being here for as long as it has (2003) the residents really enjoy going to Francesca’s and we felt it was in the best interest to get them to stay.”
Budget passed
The council passed its annual budget in the amount of $14,728,675.
The expenditures are highest in the general fund ($6.3 million) and water fund ($3.8 million). The revenues are highest in the general fund ($6.5 million) and the water fund ($2.8 million).
Multi-year deals
The council made a couple of moves that should save the village money in the long run.
It approved a three-year deal with Naperville-based Lauterbach and Amen LLC to provide actuarial valuations for the village and a two-year deal with Chicago-based MWM Consulting group for valuations for the village’s police pension fund.
Finance Commissioner G. Darryl Reed said the multi-year contracts will save the village some money and, “In these economic times, sometimes you have to think outside the box.”