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MegadealsSubsidy Tracker Individual Entry
Company: SHOPPES AT COLLEGE HILLS, LLC
Parent Company:
Subsidy Source: local
Location: Illinois
City: Normal
County: McLean
Address: 314 N TOWANDA AVE, NORMAL, 61761
Project Description: The Shoppes at College Hills is to receive 2/3 of their 1% Illinois Municipal Retailer s Occupation Tax (state sales tax) for twenty (20) years, which the Town of Normal then deposits into a segregated fund that is separately accounted for as a Debt Service Fund. These revenues are then used to pay the debt service on the Town s SSA Bonds, which were issued in the amount of $7,637,000 at an 8.25% fixed interest rate, to help fund this project. Should the revenues from the sales tax rebates not amount to enough funding, the Town then has the capability to levy property taxes in this district to fund the debt service completely. Rebates are paid 3 times a year. The agreement is valid May 17,2004 through June 30, 2025.
Year: 2004
Subsidy Value: $7,637,000
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.