SYCAMORE — The Sycamore City Council approved an economic incentive agreement with Olive Garden Holdings, LLC, for a new restaurant at the southeast corner of Illinois Route 23 and Gateway Drive Monday night. The agreement shares a portion of restaurant tax revenue for up to 10 years, starting at 75 percent to the developer and declining to 25 percent in the final years. Total payments are capped at $400,000. The city said they were approached about a year ago about the potential restaurant coming to the area. Sycamore will make no payments until the restaurant opens and generates taxable sales. The project is expected to bring new jobs, economic activity, and restaurant tax revenue to the city.
