Munson Ski and Marine seeks sales tax rebate from city of McHenry
McHenry's City Council Monday night was expected to vote on a sales tax incentive agreement with Munson Ski and Marine that would rebate a portion of sales tax generated there.
The agreement, if approved by the council, would return half the sales tax collected by the business for up to 20 years or an amount not to exceed $500,000, whichever comes first.
The Munson family purchased the Water Tower Marina at Lincoln Road and the Pearl Street bridge in October 2020. Before that, the facility - a former boat manufacturing building - had sat empty for at least a decade, city officials said.
It opened for business this spring.
"To date, the Munsons have invested more that $4,350,000" to acquire the property, improve the site and expand on the property, according to a report to the city council. Additional improvements, including a dry stack storage area for boats, also are planned.
Two houses adjoining the 7-acre property were also purchased and torn down to allow for that expansion.
Since the Munsons purchased and rehabbed the marine "they have done a considerable amount (of work) and have transformed the area into something much greater than it was a few years ago," McHenry Economic Development Director Doug said. The agreements would "pay (for) a portion of the improvements that they have put into the property over the past couple of years and that they have continued to do."
Other improvements discussed for the marina site include a future pool and bar area.
Martin was unable to say how much sales tax Munson Ski and Marine generates annually. MaryJo Munson said earlier this year that the company has "the highest market share in the area (for) every category we sell."
There are 98 boat slips available for rent at the marina, along with sales and service departments and a pro shop. Bathrooms and showers were also added for their patrons, Munson said.
Martin called the work done to the site transformative for downtown McHenry.
"They have invested and are continuing to invest in the community and have transformed" the site, Martin said. "It is now a thriving business. That is what we wanted at the site and the location."