Subsidy Tracker Individual Entry
intrastate relocation of truck company headquarters and distribution center
The value of the state subsidy package and the job and investment projections are taken from a press release issued by Gov. Pat Quinn on September 8, 2010; available online at: http://www.ildceo.net/dceo/news/2010+archives/pr09082010.htm. The value of other local subsidies and the bonds are taken from: "Lisle Board of Trustees Approves Navistar Plans," Chicago Tribune Local News, October 24, 2010; available online at: http://triblocal.com/lisle/community/stories/2010/10/lisle-board-of-trus.... For a detailed description of Lisle TIF district see the village website page, "Navistar/2600 Warrenville Road," available online at: http://www.villageoflisle.org/home/index.asp?page=528
The $84.8 million subsidy package was assembled by the state and local governments to keep Navistar International in Illinois. The company moved its headquarters from Warrenville to Lisle and its distribution center from the city of West Chicago to Joliet. The state granted the company $64.7 million, which included tax credits through Economic Development for a Growing Economy (EDGE) program, and job training funds through the Employer Training Investment Program (ETIP). Lisle created a Tax Increment Financing district at the Navistar headquarters site which was to reimburse the company $20 million over 23 years for site improvements. Joliet approved 50-percent property tax abatements worth about $137,000 over three years for the company's distribution center. In addition, Navistar benefited from tax-exempt Recovery Zone Facility bonds issued by Illinois Finance Authority valued at $145 million and Cook County valued at $90 million. Those amounts are not included in the subsidy total. Overlaps with main Subsidy Tracker data: none.