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Mundelein shopping center requests extension for Ulta subsidy

A Mundelein shopping center now has until the end of June to sign Ulta Beauty and receive its tax subsidy from the village under a recently extended deadline. Mundelein trustees on March 27 approved a £700,000 expansion of a sales tax sharing[1] agreement with the owners of the Mundelein Crossings shopping center, which is located along Route 60 and also includes major retailers Home Depot and Target. The expansion involves adding an Ulta beauty store and would allow the center to receive sales tax reimbursements for the new store as well as T.J.

Maxx, where the existing subsidy started. William Shiner during his March presentation said his company first built the 500,000-square-foot complex in 2003, but the retail market has shifted considerably since then. He said Ulta was interested in joining the shopping center but demanded upgrades to the space.

Following Shiner’s explanation of Ulta’s customer demographics and marketing, he said signing Ulta would be a major factor in attracting other retailers to fill current vacancies.

The approved ordinance required Shiner to show proof of Ulta’s lease by May 31. Documents presented during the May 22 Village Board meeting indicate Shiner is close to signing Ulta but needs an extension until June 30. Village trustees voted 5-0 to grant the June 30 extension.

Village Trustee Dakotah Norton, who was on the village’s negotiation team, was absent from the meeting.

rkambic@pioneerlocal.com[2]

Twitter @Rick_Kambic[3]

References

  1. ^ expansion of a sales tax sharing (www.chicagotribune.com)
  2. ^ rkambic@pioneerlocal.com (www.chicagotribune.com)
  3. ^ @Rick_Kambic (twitter.com)

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