Neither Walmart nor the developers violated any agreements. But experts say the company's departure shows limits of TIF system.
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.The space that housed the former Walmart store at 4720 S. Cottage Grove Avenue in Chicago is available for lease, as seen on May 17, 2023.
, and questions emerged about whether Walmart had received government subsidies for opening stores in the city.Walmart did not directly receive any tax incentives for the Chicago stores it closed. But two of the stores it shuttered, a Neighborhood Market grocery store in Grand Boulevard and a Supercenter in Chatham that also included a low-cost health clinic and a job training academy, were part of developments the city subsidized with tax increment financing dollars.
Under the terms of the original agreements, the developer of the Grand Boulevard property that Walmart anchored was on the hook to replace the store with another grocer within a year if it closed down. In Chatham, the redevelopment agreement stipulated at least 70% of the shopping center be leased or occupied.
Cities use the terms of redevelopment agreements to try to extract benefits from companies, such as gaining a commitment from them that they will stay in a certain location for a certain amount of time.
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