Romeoville amends incentives for proposed Sam’s Club
By Brock A. Stein For The Herald-News September 20, 2012 10:06AM
Updated: October 22, 2012 6:18AM
ROMEOVILLE — Village trustees approved an amendment to an economic incentive agreement with Air Webb LLC.
The amended agreement centers around a proposed 138,000-square-foot Sam’s Club and gas station to be constructed on a 13-acre lot near an existing Walmart at Weber and Airport roads.
Under the amended plan, a 50/50 sales tax sharing plan will be changed to a 60/40 plan with 60 percent going to the developer. The original agreement with the developer dates to August 2007.
The new deal also would remove a time limit for the developer to accrue the incentive amount that will also be increased from $5.1 million to $7.35 million.
Air Webb will be required to construct sidewalks from the Walmart site to the proposed Sam’s Club, as well as from Airport Road to the new site.
An additional $200,000 payment will be made to the village to help fund additional walk paths and other trails as well.
The deal is conditional to the Sam’s Club opening and would revert to its original parameters if it fails to open.
The new project is expected to create 200 jobs and is expected to begin construction in the spring.
Trustee Sue Miklevitz characterized the deal as “you give a little, you get a lot” in terms of future benefits.
Those benefits, Mayor John Noak said, will lead to new retail jobs, construction jobs, additional sales tax revenue, as well as revenue from shoppers coming from outside of the village to shop.
“Ultimately it will mean more dollars for the community,” said Noak who noted that developments like the one being proposed aren’t as common in the current economic climate.
“You just don’t see big-box retail like this anymore,” he said.
In other business, the village approved the refinancing of two series of general obligation bonds from 2002 in the amount of $1.1 million and $1.95 million.
The retiring of the bonds at more favorable rates means a savings of $218,000 a year for the village, finance director Kirk Openchowski said.
“It’s taking advantage of the current bond market and saving some money for our tax payers,” Noak said.