At the McHenry Township Hall McHenry County Republican Central Committee meeting, State Senator Pam Althoff was asked what the Sears subsidy bill was going to do to/for School District 300.
She outlined three elements:
- District 300 will get twice as much money as it is getting now.
- A “claw back” provision will be included, that is, if Sears leaves Illinois, it will have to return subsidies provided.
- Hoffman Estates will still get 2$ of the TIF-like money for an administrative fee.
It appears that this large local school district will still bear the brunt of the burden of subsidizing Sears.
District 300 officials have argued that continuation of the Economic Development Authority will deprive it of $12 million a year.