AddThis

Suburb offers tax incentive for Ace owner

Civic leaders in Barrington, Ill., 32 miles northwest of Chicago, approved an economic incentive and special use permit sought by an applicant for an Ace Hardware store, according to an article in the Chicago Daily Herald. The agreement allows the hardware store to recoup up to $13,000 per year in municipal sales tax for its first five years. Anything above that would be paid to the village as usual.

The town is unaccustomed to granting economic incentives, but local residents have put a hardware store at the top of their list of desired new businesses, according to an economic development official. The town has been without a hardware store since one closed several years ago.

The new Ace Hardware will occupy an existing building that is approximately 10,000 sq. ft. It is expected to open in November.

© 2014 Home Channel News. All Rights Reserved.