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Board reviews warrant report; Target sales-tax rebate agreement reaches conclusion
Summary
Trustees reviewed the Nov. 11–24 warrant report and discussed the end of a decade-long sales-tax rebate for the Target site; staff said the 10-year rebate period has ended and the village will retain future sales tax from the location.
The Lake Bluff Village Board reviewed and approved the warrant report for Nov. 11–24, which included payroll and several vendor payments, and discussed several items from the village's financial history, notably the Target sales-tax rebate arrangement.
Staff recounted the long-running Target agreement: more than a decade ago the village negotiated a package of transportation improvements and a sales-tax sharing arrangement to make the development feasible. The agreement included a limited-term sales-tax rebate. Staff said the contract term concluded after the earlier-of provisions and, as a result, the village will begin retaining 100% of sales-tax receipts from the site going forward.
Trustees also reviewed a Shore Acres tree-mitigation partial refund tied to a tree-permit and replanting plan; staff said the property still had additional plantings to complete and a remaining balance (approximate) could be returned after audit verification. The warrant report was approved by roll call.
