SYCAMORE – The Italian chain restaurant Olive Garden unveiled their plans to open a Sycamore location.
According to city documents shared by the Sycamore Clerk and Recorders Office, the company aims to make Sycamore their next location target. The restaurant was proposed to be built on the southeast corner of Route 23 and Gateway Drive, across from the Northwestern Medicine Kishwaukee Hospital.
In a letter shared with the public on Thursday, Sycamore City Manager Michael Hall informed the City Council that the city negotiated an incentive agreement with Olive Garden Holdings, LLC.
“The proposed agreement is a performance-based restaurant tax revenue sharing agreement,” Hall wrote.
Hall also said that the incentive funding would come out of a budget set aside for the city’s restaurant, bar and package liquor tax revenues.
“Over a maximum of 10 years, the Olive Garden would receive incentive payments,” Hall said
For the first three years of taxable operation, the restaurant would receive 75% from the package liquor tax revenue back from the city, 50% from four to seven years and 25% after eight years.
The business incentive would be capped at $40,000, regardless of when the amount is reached over the 10-year agreement period.
There is currently no exact estimate for when the location will open.
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