Subsidy Tracker Individual Entry
Commencing on January 1, 2009, pay the owner the owners share of the sales tax revenues collected by any business, commercial or service establishment located on the Subject Realty. Owners share is defined as: year 1 to 5, 75% of the sales tax revenues generated from the subject realty; year 6 to 15, 50% of the sales tax revenues generated from the subject realty; year 16 to 20, 25 5 of the sales tax generated from the Subject Realty. Sales Tax Revenues is defined as the net portion of taxes imposed by the State of Illinois for distribution to the Village pursuant to the Retailers' Occupation Tax. The obligation of the Village to reimburse owner from the collected sales tax revenues shall commence upon the commencement date and shall continue until the Village has reimbursed the owner for forty (40) semi-annual payments or until such time as the total amount paid to the owner equals Ten Million Five-Hundred Thousand Dollars ($10,500,000).
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.