HomeMy WebLinkAboutRESOLUTION - 6-23 - 2/14/2023 - Castle Chevrolet North, Inc. Amending Exhibit B of Resolution 2-23RESOLUTION NO. 6-23
A RESOLUTION AMENDING EXHIBIT B OF RESOLUTION NO. 2-23 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, On January 10, 2023, the Village Board approved Resolution No. 2-23, further
amending said Exhibit B; 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 2-23 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 the payment period for year 8 as set forth in Exhibit B be amended so that the
Economic Incentive payment to Castle for said year shall be as follows:
Year 8 — Payment Period June 1, 2022 — May 31, 2023
1. The initial $38,000 of Municipal Sales Tax Revenue shall be paid to Castle.
2. The next tax revenue up to $187,000 shall be paid to the Village.
3. 30% of any sales tax revenue over $225,000 shall be paid to Castle, the remaining 70%
to the Village.
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 141h day of February 2023
APPROVED this 141h day of February 2023
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk