Submitted By
Tammie Grossman, Development Customer Services Director
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Approving a Redevelopment Agreement with RRV Motorcars II for the Development of the Volvo of Oak Park located at Garfield Ave. and Harlem Ave. Consistent with the Recommendations of the Oak Park Economic Development Corporation (Oak Park EDC).
End
Overview
Overview
On February 2, 2015, the Village Board directed staff to negotiate a Redevelopment and Sales Tax Sharing Agreement with Autobarn d/b/a RRV Motorcars II based upon the recommendations of the Oak Park Economic Development Corporation (EDC). The parties have negotiated the attached Redevelopment and Sales Tax Sharing Agreement between the Village of Oak Park and RRV Motorcars II pursuant to the terms outlined in the recommendation. The Village was represented by attorney Darryl Davidson from the law firm of Miller Canfield.
Body
Staff Recommendation
Adopt the Ordinance.
Fiscal Impact
The Oak Park EDC has reviewed the prospect of Autobarn of Evanston purchasing Volvo Oak Park and the corresponding request for continuation of economic incentives via the Harlem Garfield TIF and sales tax sharing. Specifically, the Oak Park EDC is recommending the Village approve a forgivable loan from existing TIF increment in the amount of $1 million and for share 50% of all sales tax proceeds generated by Autobarn during a six year period after Autobarn's sales in Oak Park reach $50 million ($500,000 in sales tax revenue to the Village). Further, the recommended Agreement provides that Autobarn will not request any additional support from the Village during a fifteen year agreement period.
An amendment to the Adopted FY15 Budget for the Harlem Garfield TIF Fund is also presented in a separate item in order to reflect the expenditure of the $1,000,000 in TIF increment.
Background
On September 2, 2014, the Village entered into a Third Amendment to the Business...
Click here for full text