The City of Woodstock has submitted an offer to representatives of Aldi to use TIF funding for a new store to replace its current Woodstock store. The agreement will cost Illinois $90,000 in a sales tax rebate on building materials and an additional $30,000 in investment tax credits.
Woodstock residents will lose $160,000 in property taxes. Aldi is a multinational company in the midst of a $3.4 billion U.S. expansion according to Market Watch (Aug. 28, 2017). This is not the best use of the TIF program and the city council should carefully consider this agreement.