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Council authorizes up to $100 million in industrial revenue bonds for Aldi project; city says no taxpayer obligation
Summary
The council approved ordinance authorizing taxable industrial revenue bonds for an Aldi project valued at up to $100 million, with company-purchased bonds and a 12‑year 50% abatement on net new assessed value; council and staff said taxpayers bear no debt obligation and estimated a $300,000 annual net benefit to taxing districts.
The O'Fallon City Council approved legislation authorizing the issuance of taxable industrial revenue bonds for an Aldi Incorporated project, with a principal amount not to exceed $100,000,000 (Bill 77 50.1; ordinance number 7218).
Patrick McKinnon, the city’s economic development director, explained the Chapter 100 structure used to induce…
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