Several corporate landowners are requesting tax breaks to come to town, stay put or improve existing properties, according to a recent Journals & Topics article.
Companies like Anixter—located in the Glen and looking to expand—are seeking breaks from the Village but what might that mean for Glenview homeowners down the line?
A recent tax incentive provided to , for example, requires the Village pony up $250,000 in development costs for the site before the dealership hands over a penny of sales tax, according to the article. Additionally, McGrath will receive another 25% sales tax rebate of Glenview home rule sales tax revenues reach $400,000 per year.
When officials hope to fill the vacancy with a new tenant or a redeveloped facility for Kraft.
While it’s important to attract and keep businesses in town, and keeping sites occupied means keeping retail and dining sales tax dollars flowing to the Village, the verdict is still out on how officials’ corporate tax breaks will fare in the long run. For more on the story, including a look at specific figures, click here.