New Lenox Gives Tax Incentive For Portillo's To Open
NEW LENOX, Ill. (CBS) -- The far southwest suburb of New Lenox is giving a tax incentive to a new restaurant that officials hope will bring jobs and tax revenue to the city.
As WBBM Newsradio's John Hultman reports, the New Lenox Village Board earlier this week struck a deal with Portillo's, in which the restaurant will receive a 50 percent reduction in sales tax for 7 1/2 years, the Joliet Herald-News reported.
But New Lenox officials believe the revenues from the restaurant will more than make up for the tax break. Portillo's is expected to bring a total of $100,000 in sales tax and 120 jobs to New Lenox, the Herald-News reported.
Portillo's owner Dick Portillo had high praise for the board, saying he was impressed with the way the deal was finalized, the newspaper reported. He said while some municipalities try to dictate terms for a business to locate within their boundaries, New Lenox is providing encouragement.
Portillo conceded that he did not know where New Lenox was, but had received numerous e-mails from residents asking him to open a location there, the Herald-News reported.
Wal-Mart and Target got similar incentives from the Village of New Lenox.
