ECONOMIC INCENTIVEAGREEMENT
THISECONOMIC INCENTIVEAGREEMENT (the “Agreement”) is entered into as of
the _____ day of _________, 2012, by and between theCityofMomence, and Illinois
Municipal Corporation, inKankakeeCounty, Illinois (the “City”), andP.F.M., INC d/b/a
RIVERSIDECHEVROLET, PONTIAC, BUICKSALES (“Riverside’) and Illinois
corporation.
RECITALS
WHEREAS,
theCity is authorized pursuant to 65 ILCS 5/8-11-20 to enter into
and economic incentiveAgreement related to the development or redevelopment of land,
within the corporate limits of theCity, and to share over a finite period of time a portion
of any retailers occupation taxes received by theCity that are generatedby the
development; and
WHEREAS,
Riverside possesses financial strength and creditworthiness; that
the Improvementswill serve to further the development of adjacent areas; thatwithout
theAgreement, the above described redevelopment and its attendant benefitswould no be
possible; and
WHEREAS,
theCity has determined after due and careful consideration that this
Agreement will strengthen its commercial business base and ismade in the best interest
of themunicipality, and as such, desires to facilitate the redevelopment of theProperty to
increase its revenues from retailer occupation sales and real property taxes; and
WHEREAS
, theCity as additional incentive to the completion of the
Improvementswill waiveFifty-Percent (50%) of any/all permit fees including but not
limited to all pavement/lotwork, restorations, new constructions, andwater and sewer tap
on fees; and
WHEREAS,
in the ordinance approving the execution of thisAgreement
contains the findings required by law for theCity to enter into thisAgreement; and
WHEREAS,
theCity has taken, orwill take, all necessary corporate action to
approve thisAgreement; and
WHEREAS,
Riverside has taken, orwill take, all necessary corporate action to
approve thisAgreement on its part;
NOWTHEREFORE,
in consideration of themutual promises and covenants
herein contained, the parties agree as follows:
