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TO: Mayor Richard C. Irvin
FROM: Christopher Minick, Chief Financial Officer
Trevor Dick, FAICP, LEED AP
Assistant Director of the Mayor's Office of Economic Development
DATE: April 7, 2025
SUBJECT:
A Resolution authorizing the execution of sales tax revenue sharing agreement with Valley Honda to modernize and expand its existing dealership location.
PURPOSE:
Valley Honda and City staff acknowledge that there is a need for economic assistance from the City of Aurora in order to complete a significant renovation of the current dealership. Economic assistance has been determined to be necessary given the Honda required total investment cost.
BACKGROUND:
Founded in 1969, Valley Honda moved from its former facility in Aurora on New York Street. In 2005, Robert Navarre purchased Valley Honda from Richard Santori, and since then the dealership has grown to become the 7th largest Honda dealership in the United States and the largest retail automobile dealership in the State of Illinois. In November 2020 Valley Honda was acquired by Roush Holding, Inc., a 100 percent Employee-owned company based in Columbus, OH., and currently all employees of Valley Honda are owners of the company.
Valley Honda's large on-site inventory attracts Honda buyers, not just from Aurora but from surrounding communities. Valley Honda has been recognized by American Honda Motor Co., Inc. for its tremendous commitment to customer satisfaction. In 2024, Valley Honda for the eighteenth straight year was the winner of the Honda President's Award, Honda's highest dealership honor for customer satisfaction.
DISCUSSION:
Valley Honda vehicle dealership proposes to expand and modernize its automobile dealership at an estimated total cost of $17.5 million dollars, which will bring Valley Honda's total anticipated investment in the Dealership, including property acquisition costs, to be more than $46,000,000. The expansion involves adding 1,080 square...
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