Posted on Apr 2, 2023
Belleville to make final payment on $975,000 in incentives for Eckert’s expansion
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Belleville City Council is abolishing a special business district and a tax-increment-financing district established 13 years ago to help fund an expansion at the Belleville location of Eckert’s Country Store and Farms.
That’s because the revenue generated and savings realized by the two redevelopment tools is expected to reach $975,000 by mid-year, according to Belleville Finance Director Jamie Maitret. That’s the maximum in incentives allowed under a 2010 agreement with the city.
The most immediate and direct impact on local residents will be a 1% sales-tax reduction in the business district, located at the northwest corner of Illinois 15 and Green Mount Road.
“Starting July 1, if you purchase something at the Eckert’s store or you eat at the Eckert’s restaurant, instead of paying 9.1%, it will be 8.1% like the rest of the city,” Maitret said.
The additional 1% sales tax has never applied to peaches, apples or other perishable food items.
The elimination of the Eckert’s TIF district also could lead to increases in annual property-tax revenue for schools, the fire department, library and other local taxing districts.
That’s because the revenue generated and savings realized by the two redevelopment tools is expected to reach $975,000 by mid-year, according to Belleville Finance Director Jamie Maitret. That’s the maximum in incentives allowed under a 2010 agreement with the city.
The most immediate and direct impact on local residents will be a 1% sales-tax reduction in the business district, located at the northwest corner of Illinois 15 and Green Mount Road.
“Starting July 1, if you purchase something at the Eckert’s store or you eat at the Eckert’s restaurant, instead of paying 9.1%, it will be 8.1% like the rest of the city,” Maitret said.
The additional 1% sales tax has never applied to peaches, apples or other perishable food items.
The elimination of the Eckert’s TIF district also could lead to increases in annual property-tax revenue for schools, the fire department, library and other local taxing districts.
Belleville to make final payment on $975,000 in incentives for Eckert’s expansion
Posted from news.stlpublicradio.org
Belleville
Taxes
Farming
Economics
Posted 1 y ago
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PO1 William "Chip" Nagel good day Brother William, always informational and of the most interesting. Thanks for sharing, have a blessed day!
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PO1 William "Chip" Nagel
..."Later this year, when figures are finalized in the Eckert’s case, officials expect that the $975,000 in incentives will consist of $499,357.22 in sales-tax revenue from the business district and $475,642.78 in property-tax savings from the TIF district, according to Maitret.
In 2022, Eckert’s opened the Cider Shed, an outdoor dining pavilion with a bar, concert stage and restrooms."
..."Later this year, when figures are finalized in the Eckert’s case, officials expect that the $975,000 in incentives will consist of $499,357.22 in sales-tax revenue from the business district and $475,642.78 in property-tax savings from the TIF district, according to Maitret.
In 2022, Eckert’s opened the Cider Shed, an outdoor dining pavilion with a bar, concert stage and restrooms."
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