Mount Prospect village board on Tuesday [August 19, 2008] unanimously approved a $150 million redevelopment agreement to gut Randhurst Shopping Center, turning it into a lifestyle center called Randhurst Village.
The project will be helped along by $25 million concession made by the village. The money comes from projected revenue generated by sales, business, hotel and entertainment taxes under a 20-year agreement. The proposed deal ensures the village would continue to receive its annual $3.5 million in sales tax revenue from Randhurst, but it would split sales tax above that amount between the village and developer. That split is projected to add $1 million annually to village coffers. The mall is the village's largest source of sales tax, which totals $14 million a year.
Under the deal, Casto also would get the revenue from a 6 percent hotel tax, a new 25-cent tax on movie tickets, food and beverage taxes and money from a quarter-p business district tax imposed on the Randhurst site [village economic development director William] Cooney said. The remainder of the $150 million will be obtained by Casto from private financing sources, Cooney said.
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Daily Herald August 20, 2008
Mount Prospect village board on Tuesday [August 19, 2008] unanimously approved a $150 million redevelopment agreement to gut Randhurst Shopping Center, turning it into a lifestyle center called Randhurst Village.
The project will be helped along by $25 million concession made by the village. The money comes from projected revenue generated by sales, business, hotel and entertainment taxes under a 20-year agreement. The proposed deal ensures the village would continue to receive its annual $3.5 million in sales tax revenue from Randhurst, but it would split sales tax above that amount between the village and developer. That split is projected to add $1 million annually to village coffers. The mall is the village's largest source of sales tax, which totals $14 million a year.
Under the deal, Casto also would get the revenue from a 6 percent hotel tax, a new 25-cent tax on movie tickets, food and beverage taxes and money from a quarter-p business district tax imposed on the Randhurst site [village economic development director William] Cooney said. The remainder of the $150 million will be obtained by Casto from private financing sources, Cooney said.
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