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CMAP Policy Update: Chicago region has the highest retail vacancy rate of the 10 largest U.S. metrop

Retail vacancy and sales tax revenue in the CMAP region The cumulative choices of the region’s communities determine quality of life and economic prosperity across our region. Local decisions about land use are a critical component of these decisions. In Illinois, state sales tax revenue is disbursed to municipalities and counties based on where sales are generated. This structure means that retail has the potential to provide a strong fiscal benefit to communities. As such, communities may prioritize retail land use or allow development of excess capacity, leading to more retail space than the market requires. The system can also lead to an over reliance on sales tax revenues, which can leave municipalities short of funds when retail sales decline. Read more here.

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