Wal-Mart Subsidies in Collinsville (I 55/70), IL
|City||Collinsville (I 55/70)|
|Address||Interstate 55/70 and State Highway 157|
|Type of Facility||Supercenter|
|Year Opened||Expected mid-2007|
|Value of Subsidies||$9.5 million|
NarrativeThe city council approved a $19 million incentive package for the developer of the shopping center containing this store. This included $12 million for land acquisition costs and $7 million for infrastructure and site preparation assistance. The development will have two major anchors: the Supercenter and a Home Depot's. We assume half the subsidy can be attributed to each anchor, making Wal-Mart's portion $9.5 million. The incentives will be paid in part for through incremental sales tax revenues.