Friday, August 30, 2019 || By Igor Studenkov || @maywoodnews
Featured image: A Speedway gas station pictured on the company’s website. | Speedway
During a regular meeting on Aug. 21, the Bellwood Board of Trustees approved a tax incentive for Speedway LLC, which is looking to develop a gas station on 25th Avenue in Bellwood. As part of the incentive, the gas station would temporarily keep the part of the motor fuel tax revenue that would normally go to the village. Once that non-taxable revenue reaches $3.6 million, the village will be able to collect the diesel tax.
At the moment, Speedway is still in the process of acquiring the site. It is expected to complete the process by the end of 2019 and start construction in spring 2020.
While Bellwood has several gas stations, the closest Speedway location is in Northlake. Peter Tsiolis, Bellwood’s chief of staff, explained that the company approached the village about opening a new location in Bellwood.
Tsiolis said that the village is still in the process of securing the land and that he wasn’t authorized to share the exact address until the sale is finalized.
In 2018, Bellwood brought in $488,135 in motor fuel tax revenue, which accounted for around 1.25 percent of the village’s revenue, according to Illinois Comptroller data.
Tsiolis said that the deal with Speedway is a net positive for the village. In addition to the motor fuel tax it will receive once the tax incentive subsides, the village will also receive revenue from sales and property taxes. The vacant land, Tsiolis said, currently generates neither. And he touted the fact that village isn’t giving Speedway any money up front.
Speedway didn’t respond to phone calls seeking comment by deadline. VFP
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