Once open, Dom’s Kitchen and Market will receive half of the sales tax generated from its alcohol, grocery and retail sales for the next 20 years. The Oak Park Village Board approved a tax-share agreement with the upscale retailer of perishable goods on Sept. 6. Dom’s is set to occupy the Marshall Field building, 1144 Lake St.
“We are happy that the board recognized the need for a public-private partnership to support this project,” said John Lynch, executive director of the Oak Park Economic Development Corporation.
The tax-share agreement was bundled into the village board’s consent agenda, meaning it was not voted on individually but with a number of other items, without discussion. The board previously discussed the agreement at its Aug. 1 meeting.
The agreement and its 20-year duration were recommended by the OPEDC to make the Marshall Field building more attractive to Dom’s, which is expected to bring Oak Park $350,000 in total annual sales tax revenue. The vast majority of the historic building has been vacant for the past 11 years and is in need of some repair.
“OPEDC and the board understand the extraordinary costs associated with placing this particular use in a historic building, and we are confident that we have structured an agreement that offers only benefits to Oak Park,” Lynch told Wednesday Journal.
The sales tax agreement is critical to bringing Dom’s to Oak Park, according to Draper and Kramer’s Mike Mallon, the real estate professional representing Dom’s. Leasing negotiations between Dom’s and the building’s owners were underway at the time of the board’s Aug. 1 meeting. Wednesday Journal has reached out to Mallon for the status of those negotiations, as well as an expected start date for construction.