CHICAGO -- Hoffman Estates, Ill., will price a $71.5 million junior lien tax increment revenue bond issue tomorrow in a tax-exempt deal that officials said does not fall under the state's private-activity volume cap despite the fact the bonds are secured by Sears, Roebuck and Co.

Proceeds from the deal will be used to pay for public land acquisition and infrastructure improvements in and around a 788-acre development site, whereas Sears, which is the owner of all the land included in the tax increment district, is in the process of building its merchandise group headquarters.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.