Costco Sales Tax Agreement
Naperville City Council will vote on whether to approve a sales tax revenue sharing agreement with the Costco planned for the Ogden Mall. Costco has said it requires a minimum of $5.5 million in sales tax rebate incentives, which the city estimates can be met with 75% of the city’s portion of the state sales tax and the city’s home-rule sales tax over the first five years of Costco’s operation. The city would collect the remaining 25% of the sales tax, plus the Motor Fuel Tax from the Costco gas station that will be built at the new location – a sum they project to be $3,539,000 over that same five year period. The city would expect to see significant increases in sales tax from Costco after the rebate is satisfied.
Polo Club Development
Council will also receive a report from city staff regarding the Polo Club Development in south Naperville. The Planning and Zoning Commission voted 6-1 in December to recommend developer D.R. Horton’s most recent proposal – a recommendation city staff agrees with. This proposal includes 155 single-family detached homes and 325 single-family attached homes on the 105.5-acre property.
River Main Requests
Finally, council will consider two options regarding the River Main property located at the corner of Main Street and Water Street. The Planning and Zoning commission recommended allowing requested deviations to the height and floor area ratio of the proposed five-story building. City staff supports allowing the height request, but not the FAR request, due to perceived bulk on the property.
WANT TO STAY INFORMED?
Get daily news headline stories delivered right to your inbox!Sign Up Today!