Subsidy Tracker Individual Entry
The Village shall reimbure to Developer from the retailer's occupation tax payments received by the Village from the State of Illinois with regard to all retailer's occupation taxes generated from each business located on or within the subject property an amount eaqual to $2,000,000.00. The Village shall be entitled to retain the first $AMOUNT of each Sales Tax benefits received each year and the balance of the Sales Tax Benefits received druing such year shall be distributed as follows: 60% to developer and 40% to Village. The Economic Incentive payments shall continue to be paid to the Develper on a semi annual basis during the term of this agreement until Developer has received an mount equal to $2,000,000.00.
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.