Naperville City Council will vote on ordinances approving a tax incentive for Block 59 redevelopment project
A divided city council voted Tuesday to prepare ordinances creating a business district and approving a 1% sales tax for businesses in the Heritage Square Shopping Center to help finance a redevelopment of the area at the northeast corner of Route 59 and Aurora Avenue.
If the city council approves the business district, the extra 1% sales tax would remain until $13.4 million is collected. Months after initially discussing the proposal, the business district terms could be approved as early as the March 21 city council meeting. The sales tax would be added to Heritage Square businesses starting July 1.
by signing up you agree to our terms of service "It's our belief that this particular business district ... constitutes an economic underutilization of the area," said Phil McKenna, chairman of Kane, McKenna and Associates, a consultant representing Brixmor."The equalized assessed valuation of the area has declined by over 16% over the last five years. Sales tax has declined precipitously.
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