News

Mall owners only developer to get sales tax rebate from city

Posted: Oct. 31, 2013 11:01 am Updated: Nov. 28, 2014 7:19 pm

 

Peoria-based Cullinan Properties, which owns the Quincy Mall, is the only other developer to get a sales tax rebate from the city.

The original deal reached in 2006 allowed Cullinan to be rebated 50 percent of the 1 percent non-home rule sales tax generated by newly constructed space, such as Starbucks, Petco and TGI Fridays.

The 23-year agreement allowed Cullinan to recoup up to $6 million. In return, the company agreed to spend $13 million to build 103,000 square feet of new leasable space.

The deal was modified in 2011 to allow Cullinan to also receive sales tax revenue from three anchor stores -- Bergner's, Sears and JC Penney -- and five spaces in the existing mall, in addition to any new construction.

The company said then it would make improvements to the anchor stores, as well as to the mall entrances, and renovate 35,000 square feet of vacant space.

 

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