Elmhurst Dealership Tax Break Recommended

Elmhurst IL

30 July, 2021

7:40 AM

Description

ELMHURST, IL — Elmhurst officials say iMotorsports has exceeded expectations during its seven years in town, so a city committee recommends the approval of a $250,000 sales tax incentive for the business. In 2014, iMotorsports approached the city about replacing the "underutilized and blighted" truck repair center at 334 W. Grand Ave., which generated no sales tax, according to a report from the city's finance committee. As a result, the city and the powersports dealership agreed to a 50-50 split in sales taxes for up to 10 years, allowing the business to get up to $250,000 to help redevelop the property. As it turned out, the dealership outperformed expectations and made $12 million in sales by 2016, according to the report. In 2017, the city and iMotorsports entered a second agreement for $500,000 over a dozen years. This was to assist the dealership with the addition of the Indian brand motorcycle, the report said. On Monday, the City Council is expected to vote on a similar agreement for a $250,000 sales tax incentive. The money is expected to help pay for an outdoor showroom. According to its proposal to the city, iMotorsports said it has an opportunity to add the Can-Am Off Road and Can-Am Sea-Doo brands. The nearest dealers are in Lake County's Lake Villa and northwest Indiana. With the new lines, iMotorsports expects its sales to increase to $30 million, from $25 million. It plans to employ 35 people, up from 30 currently.