Tax incentives would keep Biggers Mazda in Elgin
The Elgin City Council's committee of the whole on Wednesday unanimously approved tax incentives to keep Biggers Mazda in Elgin.
Under the agreement, which will get a final vote on at the next city council meeting in two weeks, Biggers Mazda would relocate its Elgin dealership to a location on North Randall Road in return for a 50% share of the sales tax generated by the dealership for 15 years. The city also would "fast-track" permitting and grant a waiver of building permit fees for its capital improvements.
The dealership, which has been located on East Chicago Street for about 18 years, generates approximately $20 million in annual revenue.
Construction of the new facility, which Biggers is undertaking to comport with Mazda Motor Corp.'s current corporate image program, is expected to cost about $10 million.
The property that Biggers is purchasing is currently home to Randy's Vegetables. Under the terms of an existing boundary agreement between the city and Sleepy Hollow, the Randy's Vegetable property will be annexed by the city once it is sold to Biggers Mazda.
Biggers Mazda has some 26 employees.
The roll was called for approval without further comment, aside from a "welcome to the west side" from Councilman Toby Shaw to representatives from Biggers in the council chamber.
"Just glad we were able to close the deal," Shaw said. "I know that there were a lot of competing factors in this deal and glad we could come to an agreement and keep you in Elgin."