Village trustees voted 5-2 Aug. 26 to extend a sales tax rebate for the New Lenox Town Center on E. Lincoln Highway.
Mayor Tim Baldermann spoke in support of McVickers' request to extend the time frame that the developer gets back 1 percent of the 2.5 percent sales tax. The original 2007 agreement sought to reduce the rebate to .7 percent beginning in 2016 and continuing no longer than 2024, the Sun-Times Media reported.
The village currently takes in about $1 million in sales tax from the development and returns about $600,000 to developer John McVickers, who fronted $9.75 million in Route 30 infrastructure improvements before the retail outlet opened in 2010, the Sun-Times Media reported.
The mayor said a still slow economy prompted McVickers's request.
The New Lenox Town Center, which hosts Walmart, Goodwill Store and Donation Center, Aldi Foods, White Castle, Culver's and more, has new development underway. IHop, Pizza Hut carry-out, Verizon Wireless, Jersey Mike's Subs, the Bedding Experts and Great Clips are set to open stores in the retail center.
Get news alerts and Facebook updates from these Lincoln-Way Patch sites: