S T. CHARLES – On Tuesday, Audi moved to obtain a $ 2. 6 million incentive from the city to build a dealership and service center on 3. 38 acres along North Randall Road.
At the St. Charles City Council’s government operations committee meeting Tuesday, councilors approved the proposed sales tax-sharing economic incentive deal. Semersky Enterprises, Inc. , which owns and operates the Audi Exchange and Porsche Exchange in Highland Park and Chevrolet Exchange in Lake Bluff, proposes to expand an Audi dealership and service of more than 25,600 square feet on 3. 38 acres at 235 N. Randall Road.
As a component of the incentive agreement, the city and SEI would percentage the sales tax gain generated by the assets to project-related canopy progression prices, adding the extension of Woodward Drive and the installation of a fire. traffic on Randall Road, improper soil remediation, and electrical infrastructure improvement.
The charge for the Woodward Drive extension, as well as innovations at the Randall / Woodward intersections, the addition of traffic lighting fixtures, and typhoon sewer improvements, is estimated at $ 2 million. The electrical infrastructure upgrades are estimated to cost $ 300,000 and the allocation would also require another $ 251,000 to remedy the wrong soil.
As proposed, the sales tax incentive agreement would run for 15 years. The incentive will be paid through a sales tax refund, where the broker will be reimbursed 75% of the sales tax generated through the intermediation and the remaining 25% will be withheld through the city.