As the Chicago City Coumcil considers a proposed South Side Wal-Mart, it might consider reviewing the subsidy deals–worth nearly $50 million–used to lure Wal-Mart to at least eight locations in suburban Cook County.
According to the nonprofit Good Jobs First, on its Web site walmartsubsidywatch.org, Wal-Mart has received “more than $1.2 billion in tax breaks, free land, infrastructure assistance, low-cost financing and outright grants from state and local governments around the country.” The total in Illinois is more than $153 million, according to Good Jobs First. Here details the nonprofit provided about the subsidy packages for eight Wal-Mart locations in suburban Cook County.
Bridgeview: The village issued $6.7 million in bonds for improvements in the tax increment financing district, which benefited Wal-Mart as well as other stores and companies.
Country Club Hills: Wal-Mart was awarded a 50% property tax rebate and a 50% sales tax rebate through 2013. Based on local tax estimates, the property tax portion is likely worth $6.25 million and the sales tax portion $6 million.
Evergreen Park: Wal-Mart was awarded a 20-year sales tax rebate, taking effect five years after the store opened. All sales tax revenue above $550,000 will be refunded annually until $5.25 million has been rebated.
Glenwood: The Village of Glenwood is reimbursing Wal-Mart for development costs through tax increment financing. The maximum reimbursement amount is just over $2 million plus 4% interest per year from the date that Wal-Mart incurred the costs until they are repaid (this includes any costs incurred before the redevelopment agreement went into effect).
Niles: The village of Niles extended an existing tax increment financing district to include a new Wal-Mart, designating the property a “blighted improved area.” The ordinance did not include an estimate, but a consultant’s report calculated that $2.9 million of improvements were needed.
Orland Hills: Wal-Mart will receive $12 million in sales tax rebates to pay for work on the development site. The Supercenter will be replacing an existing store in Orland Hills.
Palatine: Palatine officials agreed to provide property-tax increment financing worth $3.5 million for land acquisition, demolition, and building costs for this new store.
Rolling Meadows: This city gave a $5.3 million sales tax rebate to the developer of a shopping area anchored by a Wal-Mart and Sam’s Club. Subsidies were for demolition costs.