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While Chody and Whole Foods have pursued the project for more than a year, aldermen were told on May 7, as they gave preliminary approval to rezoning the property from residential to retail use, that the sales tax sharing proposal would be considered on Monday night.
Park Ridge rejects sales tax revenue sharing plan for Whole Foods
Ald. Dan Knight said some of that sales tax revenue would simply be "cannibalized" from other stores in Park Ridge a point also made by many of the six residents who spoke against the sales tax sharing plan.
Chody agreed the store would take some business from other Park Ridge stores, but would draw mostly Park Ridge residents who currently shop at Whole Foods stores in Chicago or other suburbs.
Developer Lance Chody said the sharing plan was necessary to make the project proposed for the corner of Touhy and Washington avenues work because it would close a gap between what he must charge for rent and Nike Soccer Cleats For Boys
potential has waned considerably, and potential tenants know this," he said. not offering the rents that we saw in the heyday back before the recession."
Asked after the vote whether his project can move forward, Chody gave a terse "No comment."
Whole Foods officials estimate that, in addition to sales tax revenue, the proposed store would pay $270,000 in property tax and $28,000 in water and sewer fees annually.
what Whole Foods is willing to pay.
But aldermen, who met Monday as the City Council's informal Committee of the Whole, blasted the idea and the proposal as inadequate and inappropriate at a time when the city's financial health is precarious. They also objected to its sudden appearance in a process that has been ongoing for more than a year.
"We sat here for weeks and weeks to decide three or four dogs in the (pet) ordinance. We talked about cabbies wearing shoes. Yet we're given this and asked to approve it in three days?" Ald. Joseph Sweeney said. "That is not the job of this council, to subsidize the developer in his programming."
Park Ridge would keep all the sales tax on the store's first $25 million in gross sales, estimated to be $312,500.
Ald. Marty Maloney questioned Whole Foods' request by noting its founder and CEO, John Mackey, was quoted in June 2011 as decrying Soccer Shoes Not Cleats
Yet, he added, local sales tax rebates are commonplace: "I'd rather not give subsidies to anyone. But, on the other hand, that's the way the game is played. We can choose not to play, but we may have vacant properties in town."
Whole Foods would get back all of the sales tax on gross sales between $25,000,001 and $37.5 million, estimated to be $156,250.
The prospect of a Whole Foods in downtown Park Ridge is in jeopardy after aldermen unanimously rejected the Nike Football Boots For Kids-boys grocery store chain's proposal to split sales tax revenue.
Chody the housing market's collapse precludes any residential development. As for retail projects, he added he's over a barrel regarding what he can charge retail tenants because it's currently a renter's market.
Park Ridge would keep all the sales tax for gross sales above $37.5 million.
federal corporate subsidies. "I'm having a hard time reconciling" the two positions, he said.
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