Work has begun to reopen a restaurant on the site of the Marquee in Broadview.
A 1,200-foot addition will allow for banquets to be held at the Roosevelt Road facility and the parking lot will be redesigned, according to Anthony Donato, a representative of the Donato Restaurant Group, owners of the facility. The new restaurant, which Donato did not reveal the name of, is hoped to open in July.
The village will provide $350,000 in tax increment financing money for the project, about one-third of the project costs. It was a concerning number to some trustees, but Mayor Sherman Jones pointed out that there is $3.5 million in the village’s Roosevelt Road TIF Fund. Tax increment financing is a development tool that freezes taxing bodies’ levies in a designated area. As property values in that designated area increase the difference in tax dollars between the frozen levies and the actual dollar amount go into a village fund, in this case, the Roosevelt Road TIF. That fund can be used for infrastructure improvements, job training or tax incentives to entice development in the area.
“I am happy to see something done with that place,” said Trustee Kevin McGrier. “It is an eyesore.” Trustee John Ealey said he was in agreement with the village providing that much TIF funding for the project, but somewhat reluctantly did support the $350,000 expenditure when the Village Board voted on it last week.
“I think it’s too high,” Ealey said during discussion on the village’s TIF expenditure for the project.
Trustee Tara Brewer, who also voted for the expenditure when it came to a vote, initially was in favor of the village providing a much lower part of the costs. She had initially proposed the village provide $200,000 in funding for the project. “It’s a lot for a business,” Brewer said. “It’s a lot for everybody.”
Trustee Judy Brown-Marino said the project is needed for the village and, although she would have liked to see the village’s portion of the project at $300,000, was OK with the final expenditure amount. “We have $3.5 million in the Roosevelt TIF right now. The Roosevelt TIF started in 1999 and expires in eight years.”
Jones said with less than 10 years left on the life of the TIF District, the $350,000 expenditure should not be a drain on the fund. If anything, he said, it should generate even more money as property values for the Marquee Restaurant site will increase significantly with the completed renovation. He said even with two other restaurant projects in line for TIF funding, the village will likely not pay out more than $750,000, staying well under its TIF fund balance at this point.
Donato said with more seating, the restaurant may look to add a Sunday brunch when it reopens. “We will be able to accommodate more people,” Donato said. “We will have a lot more space, more space than we did before. We will have a bigger, better facility.”
The Marquee closed last year.