HomeMy WebLinkAboutRESOLUTION - 70-17 - 12/13/2017 - Castle Chevrolet North agreement RESOLUTION NO. 70-17
A RESOLUTION AMENDING EXHIBIT B OF RESOLUTION NO. 26-15 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, the Mayor and Board of Trustees of the Village of Elk Grove Village find
and believe that an amendment to Exhibit B 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 Resolution No. 26-15 be amended with Exhibit B which is attached
hereto and made a part hereof and the Village Clerk is authorized to attest said document upon
the signature of the Mayor.
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 1211 day of December 2017.
APPROVED this 12th day of December 2017.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy,Village Clerk
EXHIBIT "B"
Percent of Municipal Sales
Annual Tax Revenue to be
Year Payment Period Threshold 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 $225,000 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