Council Approved Tax Rebate

At their latest meeting, Naperville City Council members voted 7-2 in favor of a $7.5 million tax rebate to the Water Street Development.

The $85 million project will include a hotel, commercial and office space and a parking deck.

Developers project that by 2034 the project will bring the city $28.3 million in overall tax income.

The deal rebates 100% of the hotel tax and 50% of sales tax, down from a 75% request.

“I don’t know how we’re going to do better,” said Councilman Paul Hinterlong. “If we send them away, what’s going to come in in place of it and how long is that going to take? Is that going to take ten years for someone to come and bail out this? Is this going to be the next 420 Washington Street that we have to deal with on trying to get redeveloped?”

Councilmen Doug Krause and Grant Wehrli voted against the incentive.

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Virtual FUNdraiser on Thursday, October 22 at 7 PM.

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