The Montgomery Village Board Last week approved the first payment of $200,000 from the Montgomery Development Fund for the Gray's Mill Development project.
A developer, who operates restaurants across the Chicago suburbs, wants to renovate the historic Gray's Mill building into a wedding venue and bar. The village board has signaled it's approval to the support the project with a total of $400,000 in two payments.
Village Attorney Laura Julien says the developer wants to receive the grant money earlier in the project than originally planned.
Community Development Director Rich Young says the developer plans to do more construction earlier than planned.
Village Trustee Doug Marecek says he's okay with releasing the first payment of grant money early, but wants to wait on the second one until the project is further along.
Trustees Theresa Sperling and Tom Betsinger both voted against releasing the grant money. In the past, Betsinger has said that he supports the project, but not how much the village is offering in grant funding.
The village board already approved a tax rebate for the project that will amount $150,000 over 15 years. The developer, Gray's Mill Partners, LLC, plans to spend about $1.8-million on the renovation of the property.
It will have several different spaces that can be rented out for various events, including a space that can be rented for overnight stays. One of the developers, Phil Cullen, has said that he plans to the keep the building historically authentic.
Some of the improvements planned include an outdoor space with a bar built into a re-purposed grain silo and a deck on the rear of the building.