Subsidy Tracker Individual Entry

Company: 
LOCKPORT PARTNERS II, LLC
Parent Company: 
Subsidy Source: 
local
Location: 
Illinois
City: 
Lockport
County: 
Will
Address: 
159TH STREET / I-355, LOCKPORT, 60441
Project Description: 

Agreement between the City of Lockport and Lockport Partners II, LLC. The City will pledge up to $10,500,000 plus interest of 7% of sales tax of the site for a period of 20 years both for on & off-site improvements. Almost all improvements have been completed. The City is guaranteed 50% of the sales tax earned every year whether the Developer receives the full amount of $10,500,000 plus interest in the 20 year period or not. The recapture terminates at the end of 20 years whether the Developer is paid the $10,500,000, plus interest in full or not. The developer can only start to receive reimbursement when over half of the stores are turnkey ready to open and are producing sales tax. The 20 year period starts when the City receives any sales tax from the site. Term of this agreement shall commence on the execution date of this Agreement and terminate on the 1st to occur: date when the obligation is fully paid; date that is 20 years after the commencement date; or upon failure.

Year: 
2007
Subsidy Value: 
$10,500,000
Program Name: 
Local Sales Tax Rebate
Awarding Agency: 
Department of Revenue
Type of Subsidy: 
tax credit/rebate
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.