Subsidy Tracker Individual Entry

Company: 
TCB DEVELOPMENT
Parent Company: 
Subsidy Source: 
local
Location: 
Illinois
City: 
Crest Hill
County: 
Will
Address: 
CRETE MARKETPLACE DEVELOPMENT, CRETE, 60417
Project Description: 

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: 
2009
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: 
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