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MegadealsSubsidy Tracker Individual Entry
Company: LOCKPORT PARTNERS I, LLC
Parent Company:
Subsidy Source: local
Location: Illinois
City: Lockport
County: Will
Address: 159TH STREET / FARRELL ROAD, LOCKPORT, 60441
Project Description: An agreement between the City of Lockport and Lockport Partners I, LLC, stating the City will reimburse the owner for $1,051,000 of their project costs. The amount of each annual reimbursement payment shall be calculated by the City based on the preceding 12 mths Sales Tax from the Property within 60 days of the close of the 12 mnth period. Shall provide the City with copies of the sales tax reports filed with the Illinois Department of Revenue and reimbursement shall be based on the sales tax reports. Reimbursement payments will be made within 90 days after the close of the 12 month period, and will continue until either (i) the reimbursement is fully paid, or (ii) the end of the Term; whichever happens first. The City will receive thefirst $AMOUNT in sales tax per year with the developer receiving the remaining amount over the $AMOUNT. The developer has never substantiated for than $AMOUNT in sales tax; no sales tax money has been rebated.
Year: 2006
Subsidy Value: $1,051,000
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.