Mount Prospect Supports The Red Barn Restaurant with Tax Incentive Renewal

The Village of Mount Prospect recommends renewing a 7c tax incentive for The Red Barn Restaurant and Brewery, initially granted in 2018. The incentive would lower the property's assessment, reducing property taxes and enabling the business to continue operating and improving.

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Nitish Verma
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Mount Prospect Supports The Red Barn Restaurant with Tax Incentive Renewal

Mount Prospect Supports The Red Barn Restaurant with Tax Incentive Renewal

The Village of Mount Prospect has recommended that Cook County renew a 7c tax incentive for The Red Barn Restaurant and Brewery, located at 303 E. Kensington Road, near Randhurst Village shopping center. The incentive, initially granted in 2018, has allowed the business to operate and flourish in the community.

Why this matters: This decision highlights the importance of local government support for small businesses, which are crucial to the economic vitality of communities. The renewal of the tax incentive demonstrates a commitment to fostering a favorablebusiness environment, which can have a ripple effect on the entire local economy.

According to operator D.J. Harrington, the restaurant has seen a resurgence in business, particularly in the last 18 months, thanks to community support from the surrounding neighborhood and the nearby Kensington Business Center. "Obviously, with COVID, the restaurant outlook was bleak for a while... But honestly, we're seeing a resurgence back, especially with the support of the community," Harrington stated.

If approved by the county board, the 7c renewal would lower the property's assessment from 25% to 10% of market value for three years, then 15% in year four and 20% in year five, before returning to 25%. This would reduce property taxes from $7.80 to about $3.15 per square foot, comparable to similar properties in Lake and DuPage counties, which range from $2.50 to $3.50 per square foot.

Harrington highlighted the restaurant's improvements, including refurbishing its parking lot and main entrances. Additionally, operators have engaged in talks with the Lions Club to use the parking lot for Bluesmobile Cruise Nights. Mayor Paul Hoefert, a regular customer, praised the restaurant's sloppy joe.

The Red Barn Restaurant and Brewery has become a successful business and valued part of the Mount Prospect community since receiving the initial tax incentive in 2018. The renewal of the 7c tax incentive would enable the restaurant to continue operating, making improvements, and contributing to the vibrancy of the area.

Key Takeaways

  • Village of Mount Prospect recommends renewing 7c tax incentive for The Red Barn Restaurant and Brewery.
  • Incentive has allowed the business to flourish since 2018, contributing to the local economy.
  • Renewal would lower property taxes from $7.80 to $3.15 per square foot for 5 years.
  • Restaurant has seen a resurgence in business, thanks to community support and improvements.
  • Renewal would enable the restaurant to continue operating and contributing to the local community.