TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Officer
Development Services Department
DATE: August 5, 2013
SUBJECT: title
A Resolution Authorizing The Execution Of A Sales Tax Rebate Agreement Between The City Of Aurora And Napleton Aurora Imports, Inc. - (NA28/2-12.357-AG - BW/SP - Ward 10)
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PURPOSE:
Attached is a resolution authorizing the execution of a sales tax rebate agreement for Napleton Aurora Imports, Inc. Pursuant to the attachment Napleton Aurora Imports Inc. (Napleton Hyundai, 4333 Ogden Avenue) will receive up to $2,000,000 (funding cap) of the sales tax generated by the automobile dealership, as an annual rebate over ten (10) years, for the acquisition and renovation of the existing automobile dealership at this location.
BACKGROUND:
Napleton Aurora imports, Inc. acquired the existing automobile dealership in 2012 for more than $12 million and Napleton intends to invest another $4+ million ($4,153,217.31) into improving the dealership by upgrading the fa?ade of the building, constructing a vault over the existing stormwater detention area to allow for additional onsite parking, remodeling the interior of the building including sales floor and service area, installing new signage, and installing upgraded lighting and equipment in the service area. The agreement will guarantee that Napleton will occupy and operate the dealership at this location for a minimum of ten (10) years. Staffing levels, will also be maintained and Napleton has agreed to no less than sixty-four (64) full time employees at the dealership during the term of the agreement.
DISCUSSION:
Napleton shall receive in rebate 50% of the sales tax generated by the automobile dealership above an established base line amount of $360,000. This baseline amount was established in part by the approximate annual sales from the former dealership at this location. The rebate period will begin after completion of the renovations as further outlined in t...
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