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MegadealsSubsidy Tracker Individual Entry
Company: BRADFORD HARWOOD HEIGHTS 1, LLC
Parent Company:
Subsidy Source: local
Location: Illinois
City: Harwood Heights
County: Cook
Address: 7401 W LAWRENCE AVE, HARWOOD HEIGHTS, 60706
Project Description: Mariano's Fresh Market will be opening at the southwest corner of Lawrence and Oketo Avenues in Harwood Heights in April, 2013. As an incentive to the site developer, Harwood Heights has issued a $3.85 million revenue bond to fund the acquisition of the development site. Per the terms of the rebate agreement, Harwood Heights 1, LLC will receive 50% of all sales tax revenues generated on the development site until principal and interest on the bond are retired or the 40 year duration of the bond expires, whichever occurs first. The total revenue from taxes, penalties and interest which are paid to the Village from the Local Government Tax Fund, including the Village's share of State and home rule retailers' occupation taxes, home rule service occupation taxes and home rule use taxes ("Sales Tax Revenues") generated on the development site, go directly to a 3rd party trustee, who divides the Sales Tax Revenues into 2 equal shares and distributes 50% to Bradford Harwood Heights 1, LLC.
Year: 2012
Subsidy Value: $3,850,000
Program Name: Local Sales Tax Rebate
Awarding Agency: Department of Revenue
Type of Subsidy: tax credit/rebate
Source of Data:
(click here)
Notes: Year is year agreement began. Subsidy value is maximum rebate. Project description is verbatim text (including indeterminate amounts) from the Department of Revenue's online compilation of excerpts from local agreements.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.