Buffalo Grove Strikes a Deal with Fresh Farms
Byline: Steve Zalusky email@example.com
Buffalo Grove trustees this week paved the way for the redevelopment of the Cambridge Commons shopping center and a new Fresh Farms grocery store at Dundee and Buffalo Grove roads.
Trustees approved an economic incentive agreement with 14 Dundee RD LLC under which the village and developer would split the village's share of the home-rule sales tax and the retailers occupation tax.
Under the 11-year agreement, the rebate would occur each year after a sales-tax threshold of $85,000 is reached by the grocery store. The total incentive would be capped at $1.1 million over an 11-year period.
The redevelopment calls for Fresh Farms to operate in the 30,000-square-foot space formerly occupied by Rogan's Shoes -- a space that had been inhabited prior to that by Dominick's. Rogan's would relocate to a 10,000-square-foot location on the west end of the shopping center.
The total construction cost is estimated at between $16 million and $18 million. …