By the time the 2027 holiday shopping season hits, Johnsburg should have a Target store.

On a unanimous vote, the Village Board on Tuesday night approved a development agreement with the TEI Johnsburg, LLC, which owns the The Shops at Fox River – the shopping center that housed JCPenney until 2022.

The agreement with the village rebates up to $8 million in sales tax – 75% of its sales tax receipts – to the retailer over 15 years.

According to Richard Spinell of Mid-America Asset Management, who negotiated the deal with the village and Target, the big-box retailer is set to close on the property in November and begin construction immediately.

“Their goal would be to be open by November 2027,” Spinell said.

The building is an anchor for the shopping center, which abuts a shopping center inside McHenry city limits.

McHenry has tried to get a Target store for five years, Mayor Wayne Jett said.

“This makes sense for a location that fits their footprint and not having to build a new building. This is not a bad situation as we don’t give up any tax incentives while energizing the entire Route 31 corridor,” Jett said. “Congratulations to Johnsburg for getting this done.”

Doug Martin, McHenry’s economic development director, shared the sentiment, saying via email: “Richmond Road [Route 31] is an extremely viable commercial corridor and Target locating in the Shops at Fox River only enforces that point. This is great for our trade area and is part of a renewed resurgence and investment in this market and also proof that that brick and mortar retail has and continues to remain as resilient as ever.”