By Jason Crane
The North Aurora Village Board approved an incentive request from the owners of the Gerald Ford dealership near I-88 and Orchard Road at the Village Board meeting Monday, Sept. 21.
The Gerald Group plans to undergo a $1.8 Million remodeling project at its Gerald Ford dealership to modernize the facility hoping to increase sales with additional volume.
The Gerald Auto Group requested assistance through a portion of the future sales tax dollars that would be generated because of the improvements over a 10-year period.
The group requested $900,000 over a 10-year period. Gerald established a sales tax base with Village of North Aurora staff member’s agreement of $219,500 annually, which represents sales at the Village’s 1% share of sales tax, equating to $21,950,000 in actual sales. Any annual sales over the $219,500 sales tax base threshold would be rebated at 85% back to Gerald. Payout would commence after project completion and issuance of a Certificate of Occupancy from the Village.
Gerald has provided Village staff members with detailed sales projections that estimates a cumulative increase in overall sales by as much as $100,000,000 over the 10-year period following completion of the project.