Title
Resolution approving and executing an Economic Development Incentive Agreement with Akhan Semiconductor, Inc.
Staff Summary
* Akhan Semiconductor, Inc. is a global leader in diamond semiconductor technology with applications in the microelectronics industry.
* Akhan Semiconductor, Inc. expressed interest in relocating its development and production center to Gurnee, Illinois.
* The Village of Gurnee approached Lake County, to partner in a sales tax agreement to have Akhan Semiconductor, Inc. relocate its operations Gurnee, Illinois.
* Lake County has the authority to abate sales tax pursuant to the Retailers' Occupation Tax Act (35 ILCS 120/1 et seq.).
* The aggregate amount of the sales tax abated to Akhan Semiconductor, Inc. by Lake County will not exceed $500,000 over five years.
* Lake County believes that it is in the best interest of its residents and taxpayers to attract new and diverse commercial and industrial businesses within the County in order to stimulate growth, encourage business expansion, and increase the assessed valuation within the County.
* Akhan Semiconductor, Inc. will be located at 1020 Lakeside Drive, Gurnee, Illinois.
Body
RESOLUTION
WHEREAS, Akhan Semiconductor, Inc. (Akhan) intends to develop a technology development and production center and related improvements (Facility) in the Village of Gurnee, Illinois; and
WHEREAS, Lake County, Illinois (Lake County) recognizes the important of maintaining a viable economic sector to enhance the long term viability of the tax base within the county; and
WHEREAS, Lake County has the authority to abate sales taxes pursuant to the Retailers' Occupation Tax Act (35 ILCS 120/1 et seq.); and
WHEREAS, the agreement provided for the abatement of sales taxes for a period not to exceed $500,000 over five (5) years; and
WHEREAS, to encourage the development of the Facility, Lake County, and Akhan have considered entering into an Economic Development Incentive Agreement...
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