The Village of Itasca is seeking a qualified developer/operator to transform **** N. Walnut Street into a high-quality food and beverage destination. The village is offering a significant incentive package, including property conveyance at no cost (subject to clawback), up to $250,000 in TIF assistance, up to $100,000 performance incentive, and a tax rebate of up to 100% of village local sales tax and food and beverage tax for up to 20 years. The selected respondent will be responsible for financing, design, permitting, construction, and operation. Proposals are due by July 1, 2026. Property tours are available between May 4 and June 12.
The Village of Itasca aims for the selected respondent to complete the approved redevelopment project and commence food and beverage operations within the schedule established by the redevelopment agreement. The estimated timeline from selection through opening should be included in the proposal.
The bid notice outlines a village incentive framework that includes TIF assistance structured as $100,000 at permit issuance and $150,000 upon occupancy, and a performance incentive of $100,000 payable if the project receives temporary occupancy and opens on or before the deadline. Additionally, there is a tax rebate of up to 100% of village local sales tax and food and beverage tax generated for up to 20 years, calculated as 2% of gross sales.
The Village will evaluate proposals based on overall quality, execution capability, and long-term benefit to downtown Itasca. Key evaluation factors include the ability to finance and complete the project, relevant food and beverage operating experience, alignment with downtown character and village goals, timeline to redevelopment completion and opening, quality and distinctiveness of the concept, and contribution to downtown activity.
Respondents must demonstrate sufficient financial capacity to complete the project, including evidence of equity, financing, or both. They must also provide a preliminary project budget and sources and uses summary, and show the anticipated funding gap and need for the village's financial participation in a pro forma. Relevant food and beverage experience and any development partner experience are also required.
The property will be conveyed at no cost, subject to a clawback if the redevelopment or required food and beverage use is not delivered or maintained as agreed. The performance incentive of $100,000 is payable if the project receives temporary occupancy and opens on or before the deadline established in the redevelopment agreement.
Property tours are available between May 4 and June 12. Written questions regarding the RFP are due by June 1.
