Normal approves tax break for Portillo's - WEEK.com: Peoria-area News, Weather, Sports

Normal approves tax break for Portillo's

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NORMAL, Ill. -- Portillo's is investing 8 to 9 million dollars and is asking for $1.8 million from Normal in order to generate an 8 percent return.

Where is this $1.8 million coming from and why is it so expensive?

It's a re-development of an active site, Motel 6 so, it will cost more to construct.

Normal's Mayor says, the sales of food and beverage tax money is how they will pay Portillo's the $1.8 million

"They only get that money for the first three or four years. Once that's met all that money comes to us. Like I said you have to take the long term view on this," says, mayor of normal, Chris Koos.

Council members referred to this as an investment for the long run.

"That's going to be a lot of sales tax and food and beverage tax coming into the community. I suspect it far outweighs what the hotel is bringing in" says, Cheryl Gaines, a council member.

Portillo's estimates it's annual sales will be above eight million a year. Once the $1.8 million is paid back the sales tax goes directly to the community.

Normal leaders say they're expecting to earn their money back from Portillo's over seven years.

Officials are saying that once the money is paid back it will generate more money for the community than the Motel 6 that is currently there.

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