The developer of a retail center anchored by a Kohl’s department store received the go-ahead Monday night from the Plainfield Village Board along with a $250,000 tax-incentive package. The 90,300-square-foot Kohl’s will dominate the proposed 17-acre retail center on the northwest corner of Illinois Highway 59 and 119th Street. Ryan Cos. of Lisle is building the center.
The sales-tax incentive, which will be paid to the developer over three years, is based on a sliding scale tied to the opening of the center. Ryan will receive from $50,000 to $90,000 in sales tax abatements the first year. If Kohl’s does not open by May 1, 2004, the developer will receive no economic assistance.
Village Finance Director Chris Minick said Kohl’s is expected to generate $2.5 million in sales-tax revenue over 10 years.
Kohl’s had hoped to open before Thanksgiving, but delays by the Illinois Department of Transportation in finishing work on Illinois 59 might push that back, Ryan officials said.
