Living Spaces gets tax break for staying put
December 2, 2013-- Furniture Today,
LA MIRADA, Calif. — In a twist on tax incentives designed to bring in new business, the city of La Mirada has agreed to split sales tax revenue with Living Spaces to keep the Top 100 company from moving out.
According to a report by the Whittier (Calif.) Daily News, the local city council agreed to give the Rancho Cucamonga, Calif.-based retailer half of the sales tax it generates at the store up to $3 million over the next 10 years.
If Living Space leaves its store here on Artesia Boulevard during that period, it would have to give the money back, the story said, noting that the first payment will be made July 31.
"If we didn't do this deal, they would leave town," Jeff Boynton, city manager, said in the report. "We would be left with nothing. This keeps a job producer in town."
Living Spaces operates nine big-box showrooms in Southern California and one in Scottsdale, Ariz.
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