Walmart has been reimbursed for about 53 percent of eligible project costs since the big box retailer was built in 2007 near 175th and I-35. This is way ahead of the maximum 20 year payback period originally associated with the project.
About $129,000 was paid to Walmart in September. Year to date recapture of sales tax associated with eligible Tax Increment Finance project funds is just over $638,000, according to Laura Gurley, finance director.
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The council in office when the TIF is repaid in 2016-17 will determine how to use the additional funds, which could be about $1 million annually for the TIF.
(Read more at the Gardner News)