Economic Development Area (EDA)

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Economic Development Area (EDA)

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Sears Holdings Corporation to Stay in Hoffman Estates

On Friday December 16, 2011, Governor Quinn signed SB397 into law as Public Act 97-0636. This law, amongst other things, extends the Economic Development Area (EDA) and provides tax credits to Sears Holdings Corporation which will ensure that Sears Holdings Corporation remains in the Prairie Stone Business Park, in Hoffman Estates. Sears employs 6,200 individuals at the Hoffman Estates location and 16,000 throughout the State of Illinois.

Mayor William McLeod stated, “Sears Holding’s location in Hoffman Estates is a major financial benefit to the Village from not only a jobs standpoint, but also from the number of room nights that our hotels benefit from through corporate travel due to Sears. The Village and local businesses also benefit from the spending that Sears associates do in Hoffman Estates stores and restaurants. The northwest suburban region and the State of Illinois also gain from the presence of Sears Holdings and keeping Sears in Hoffman Estates was of the highest priority for the Village.”

State Representative Fred Crespo stated, “Thanks to the leadership of Mayor McLeod and the Village of Hoffman Estates, we were able to keep Sears in Hoffman Estates and preserve over 6,000 jobs.”

On behalf of the Village of Hoffman Estates, Mayor McLeod applauded the efforts of Governor Quinn, Senate President John Cullerton, House Speaker Michael Madigan, Senate Minority Leader Christine Radogno and House Minority Leader Tom Cross - as well as House Revenue Chairman John Bradley (D-Marion), Minority Spokesperson David Harris (R-Arlington Heights), and Senate Revenue Chairwoman Toi Hutchinson (D-Olympia Fields) on their effort to pass SB 397. The Mayor especially thanked, State Representative Fred Crespo for recognizing the importance of keeping Sears Holding in Hoffman Estates and in Illinois and in drafting the original legislation.

Future articles and releases from the Village of Hoffman Estates will provide more detail on the importance of Sears Holdings Corporation and the extension of the EDA to the Village of Hoffman Estates and the State of Illinois. For more information, please see the below information on the history of the Economic Development Area.

About the EDA

In 1989, an Economic Development Area (EDA) Tax Increment Allocation Act was passed as an incentive to keep Sears, Roebuck and Co. in the state of Illinois and move its headquarters to Hoffman Estates instead of relocating to North Carolina. The EDA Act gave incentives to Sears in exchange for its contractual promise to keep 2,000 jobs in Illinois until 2012 when those provisions expired.

On the whole, Sears directly employs over 6,000 employees, and spurs an additional 9,000 ancillary jobs with nearby businesses, vendors and contractors. Besides the overwhelming loss of approximately 15,000 jobs, there would be a loss of millions in tax revenue, and a $2+ billion cumulative negative impact to the overall state economy.

EDA documents

Financial information

The Village's Comprehensive Annual Financial Report (CAFR) is a complete report of the Village's financial position as of the end of each fiscal year. Every Village fund is included in this report. Readers should utilize the table of contents to more easily navigate through the document.

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