Title
Joint Resolution approving and authorizing execution of an Economic Development Incentive Agreement between 18834 Grand Building Corp. and Lakeside Ford LLC d/b/a Gurnee Ford-Lincoln-Mercury and Lake County.
Staff Summary
· In 2005, the County and Fair Oaks Land, LLC entered into an Economic Development Incentive Agreement providing for the abatement of sales taxes for a period not to exceed ten (10) years or until $1,250,000 in Economic Incentive Payments have been paid by the County.
· The agreement also contained rights enabling Fair Oaks Land, LLC to transfer its interest in the Agreement to other franchised automobile dealerships.
· Fair Oaks Land, LLC sold the property to two auto dealerships.
· The incentive payments are proposed to be split evenly between the owners of the two parcels.
· 18834 Grand Building Corp is now the owner and operator of the 4.5 acres, and will operate Lakeside Ford LLC d/b/a Gurnee Ford-Lincoln-Mercury; and shall be eligible to receive a maximum abatement of sales taxes of $625,000 over a ten (10) year period.
Body
WHEREAS, the County recognizes the importance of maintaining a viable economic sector to enhance the long term viability of the tax base within unincorporated Lake County; and
WHEREAS, as part of these continuing efforts, the County and Fair Oaks Land, LLC entered into an October 11, 2005, Economic Development Incentive Agreement with respect to approximately 8.5 acres located on Grand Avenue east of U.S. Route 45 in unincorporated lake County; and
WHEREAS, the agreement provided for the abatement of sales taxes for a period not to exceed ten (10) years or until $1,250,000 in Economic Incentive Payments have been paid by the County pursuant to the terms of that Agreement, whichever occurred first; and
WHEREAS, the agreement also contained certain rights enabling Fair Oaks Land, LLC to transfer its interest in the Agreement to other franchised automobile dealerships or to another business that would gener...
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