Wal-Mart Subsidies in Corona, CA
Store Details
| City | Corona |
| State | CA |
| Address | 479 N McKinley St |
| ZIP code | 92879 |
| County | Riverside |
| Type of Facility | discount store |
| Year Opened | 1994 |
| Value of Subsidies | $2 million |
Narrative
The city agreed to pay $5.5 million (plus interest) over 20 years to lease the parking lot of a development that includes a Wal-Mart, a grocery store, and many smaller stores and restaurants. Of that amount, $2 million went to Wal-Mart and $3.5 million went to the developer. The lease payments are made through sales tax diversions: Wal-Mart keeps 50% of the sales tax the store generates and sends the rest to the city. Half of the sales tax generated by the entire shopping center also goes to Wal-Mart, and the other 50% is paid to the developer; the city will receive no sales tax revenue from the other stores until 2013 or until the full amount of the lease is paid.