Naperville Offers Big Tax Incentive To Keep Wal-Mart From Leaving
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NAPERVILLE, Ill. (CBS) — Residents of some parts of Chicago protested and tried to stop Wal-Mart when the retailer announced plans to move in, but in Naperville, the city government is willing to dish out some big money to keep Wal-Mart from leaving.
As WBBM Newsradio’s Dave Berner reports, the Naperville City Council says losing Wal-Mart to Aurora would also likely mean losing Sam’s Club, and possibly as much as $1 million in tax revenue, the Daily Herald reported.
Naperville is not willing to take that risk.
The Daily Herald says members of the Naperville City Council have agreed to rebate $1.75 million in tax revenue back to the company over 15 years.
Wal-Mart plans to move out of its current store on Route 59 into a spot on 75th Street, where it will build a Supercenter, the Daily Herald report.
But had Naperville not offered the tax help, city officials believe Wal-Mart was poised to move to a larger property that would combine it with Sam’s Club, also on Route 59, but in Aurora.
LISTEN: WBBM Newsradio’s Dave Berner reports