Wal-Mart Subsidies in Corona, CA
Store Details
City Corona
State CA
Address 479 N McKinley St
ZIP code 92879
County Riverside
Type of Facility discount store
Year Opened 1994
Value of Subsidies $2 million

Narrative
The city agreed to pay $5.5 million (plus interest) over 20 years to lease the parking lot of a development that includes a Wal-Mart, a grocery store, and many smaller stores and restaurants. Of that amount, $2 million went to Wal-Mart and $3.5 million went to the developer. The lease payments are made through sales tax diversions: Wal-Mart keeps 50% of the sales tax the store generates and sends the rest to the city. Half of the sales tax generated by the entire shopping center also goes to Wal-Mart, and the other 50% is paid to the developer; the city will receive no sales tax revenue from the other stores until 2013 or until the full amount of the lease is paid.

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