TAX NEWS - 2010

Bradley Tax: Mall owners get sales tax rebate to refurbish roof

Bradley's Northfield Square mall is in need of critical roof repairs, and its owners say it needs the financial help of village officials to complete the project.

At Monday's Bradley Village Board meeting, trustees took the first step toward adopting a redevelopment and economic incentive agreement with Simon Property Group Inc., the owner of the 597,935-square-foot complex along Illinois Route 50. The agreement will rebate $50,000 a year for five years of the mall's sales taxes to fund the roof project. That means a total of $250,000 in rebates to assist Simon.

If sales increase substantially, the sales taxes rebated to the ownership group would decrease. The board approved the agreement on its first reading by a 5-0 vote and it is expected to be ratified July 12.