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Heritage Cadillac Inc. Business Retention Economic Incentive Agreement - Village Board Agenda Item April 21, 2022
The Ordinance approves an Business Retention Economic Incentive Agreement between the Village and Heritage Cadillac, Inc., an Illinois corporation (the “Business Owner”) and associated with a parcel of approximately 8.13 acres in area and located at 303 West Roosevelt Road (the “Property”). The Business Owner seeks to make capital improvements to the Property consisting of demolition and building a new motor vehicle sales showroom, building electric motor vehicle infrastructure, installation electric vehicle charging stations and parking lot storm sewer and paving improvements. The estimated costs of the project range from $5,500,000 to over $7,000,000. The Village will reimburse the Developer from funds established within the Village Economic Development Fund, which was approved by Ordinances 7990 through 7992 in October, 2021. Fund availability shall be available in ...
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