Wal-Mart Subsidies in Belleville (Green Mount Rd), IL
|City||Belleville (Green Mount Rd)|
|Address||Green Mount Rd and Illinois Rte 161|
|Type of Facility||Supercenter|
|Year Opened||expected Fall 2007|
|Value of Subsidies||$ 9.9 million|
NarrativeThe city created a tax increment financing district and used other revenue sources to reimburse the developer, THF Realty, $19.8 million for development costs, including land acquisition. The development will have two anchor stores--a Lowe's (already open) and the Wal-Mart Supercenter. We assume half the subsidy can be attributed to each anchor, making Wal-Mart's portion about $9.9 million. When this Wal-Mart opens, the company will close another store about two miles away.