HomeMy WebLinkAboutRESOLUTION - 2-23 - 1/10/2023 - Castle Chevrolet North, Inc. Agreement Amending Exhibiut B of Resolution 70-17 Cost and RecoveryRESOLUTION NO.2-23
A RESOLUTION AMENDING EXHIBIT B OF RESOLUTION NO. 70-17 OF THE COST
RECOVERY AGREEMENT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND
CASTLE CHEVROLET NORTH, INC.
WHEREAS, on May 12, 2015, the Village Board previously approved Resolution
No. 26-15 for a Cost Recovery Agreement between the Village of Elk Grove Village and Castle
Chevrolet North, Inc.; and
WHEREAS, on December 12, 2017, the Village Board approved Resolution No. 70-17,
amending Exhibit B of Resolution 26-15; and
WHEREAS, the Mayor and Board of Trustees of the Village of Elk Grove Village find and
believe that an amendment to Exhibit B of Resolution 70-17 is necessary. The remaining Terms and
Conditions of the original agreement will remain the same.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois as follows:
Section 1: That Exhibit B of Resolution No. 70-17 be amended by substituting therefore, a
revised Exhibit B, a copy of which is attached hereto and made a part hereof.
Section 2: That this Resolution shall be in full force and effect from and after its passage and
approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 10t' day of January 2023
APPROVED this 10t' day of January 2023
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk
Year Payment Period
EXHIBIT "B"
Annual
Threshold
Percent of Municipal Sales
Tax Revenue to be
Rebated to Castle *
1
June 1, 2015 — May 31, 2016
$100,000
100%
2
June 1, 2016 — May 31, 2017
$100,000
75%
3
June 1, 2017 — May 31, 2018
$150,000
100%
4
June 1, 2018 — May 31, 2019
$175,000
100%
5
June 1, 2019 — May 31, 2020
$200,000
75%
6
June 1, 2020 — May 31, 2021
$200,000
50%
7
June 1, 2021 — May 31, 2022
$200,000
50%
8
June 1, 2022 — May 31, 2023
$187,000
30%
9
June 1, 2023 — May 31, 2024
$225,000
30%
10
June 1, 2024 — May 31, 2025
$225,000
30%
11
June 1, 2025 — May 31, 2026
$250,000
15%
12
June 1, 2026 — May 31, 2027
$250,000
15%
❖ Rebate applies after the annual threshold above has been paid to Elk Grove Village (as
noted or amended in 4.c).
Castle Cost Recovery Agreement - 12 - 05/05/15