Evanston’s Economic Development Committee voted this week to approve more taxpayer assistance to two private businesses.
Little Beans Cafe, which earlier this month received city support for a property tax break estimated to total $1.1 million over the next dozen years, won committee approval for a $95,000 loan to help cover build-out costs for the planned cafe and play space at 430 Asbury Ave. as well as a grant of up to $30,000 toward facade improvements.
In support of the request, city staff said that the former Osco drugstore is in need of as much as $600,000 in rehab work to make it functional and another $280,000 for equipment for the business.
Little Beans owners Shannon Valko and Rob Spengler are putting up $150,000 equity for the project and have obtained a $653,000 bank loan.
The building has been vacant for nearly a decade since CVS bought the free-standing Osco stores in the Chicago area and closed the store at Oakton and Asbury.
The committee also approved $38,000 for the third and final year of a program to help Now We’re Cookin’ expand its food-service business incubator program.
The aid requests from both businesses still require approval by the full City Council.