City required to pay $750,000 back to downtown developers
WHEATON – The construction of a large downtown office and retail complex, already involving millions of dollars in incentives, got a little pricier after it was determined the city would return $750,000 in property taxes to the developers.
The complex in question, at 120 E. Liberty Drive, houses First Trust Portfolios and has long been the center of tax payment controversy. The developer, Wheaton Property Partners, has been appealing the building's $25 million appraisal and associated property taxes every year since the space opened in 2008.
However, the firm said that much of the building's value was lost when the recession began and argued for an $11 million valuation. The city countered with $18 million before finally settling on $15 million. Although the developer dropped the 2008 appeal, the firm eventually pushed the case to the State Board of of Review, where the board ruled in its favor in February of this year.
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