City proposes a loan of $ 3.6 million to start the new restaurant in the city center

Further details on a proposal for the construction of a two-story, 13,600 m² building at the eastern end of Ellinwood Street in the city center of the Plaines to use as a new restaurant of the current owner of the Harp & Fiddle restaurant in Park Ridge as a new restaurant will be discussed this evening at the meeting of the city council of the Plaines.

Plans require the city to supply the owner and operator of the restaurant and to build a loan of 3.6 million US dollars in order to build the structure on the grounds of the former restaurant of Olivei, 1575 Ellinwood. The conditions of the loan require the city an interest rate of 3%for 10 years. The proposed agreement also states that the city would award the owners a third of the entire loan payment. Officials believe that the expected tax revenue from the city and drinks from the company will generate $ 1.2 million within 10 years in order to cover a third laid loan.

According to a city memorandum, 8,200 m² of the entire room are devoted to the restaurant on the ground floor. On the second floor, three apartments and storage space would prove approximately 5,400 square meters of FT.

If and if the Alders agree to the proposal, this would lead to the setting up of a schedule for the demolition of the 101-year-old empty olivetti building and the start of the construction. A high -ranking employee of the city said that he expects the owner and operator of the business and building to move quickly.

Olivetis restaurantplace in Ellinwood Street in the city center of the Plaines.

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