Home Depot will get a $900,000 sales tax rebate as an incentive to build a store on the site of a former theater near the Spring Hill Mall.
The Atlanta-based company, which intends to build a 130,000-square-foot store, requested financial help to offset demolition and building costs. The store is expected to open in November.
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The Village Board voted 5-2 Tuesday to give Home Depot 60 percent of the sales tax revenue the company generates until it receives $900,000.
Trustees Robert Whitehouse and Nancy Moore opposed the sales-tax agreement.
Home Depot refused to accept Moore’s proposals, which included adding a 20-year no-leave clause to the agreement or paying back the $900,000 if the company left the site within five years. Moore said the deal was similar to one the company has with Carol Stream.
“It was a bad deal for Carpentersville,” Moore said. “[Board members] were so afraid to lose this deal. Had they looked at other municipalities, it would have given them a much clearer idea of incentive agreements.”