Title/Name/Summary
BMW - Assignment of an Inducement Agreement
History
In December 2011, the Village entered into a Sales Tax Inducement Agreement with SAV II and Evergreen Motors, Inc. (BMW Dealership). The Village has been notified that the existing BMW Dealership is being sold to AJZ - Orland Park and Zeigler BMW - Orland Park. The existing inducement agreement cannot be assigned to the new ownership without the permission of the Village of Orland Park. The Village Attorney has prepared the attached Assignment and Assumption of Inducement Agreement for the Village Board of Trustees approval.
I move to approve the Assignment and Assumption of Inducement Agreement from SAV II, LLC and Evergreen Motors, Inc. to AJZ Orland Park, LLC and Zeigler BMW Orland Park LLC.
Recommended Action/Motion
I move to approve the Assignment and Assumption of Inducement Agreement from SAV II, LLC and Evergreen Motors, Inc. to AJZ Orland Park, LLC and Zeigler BMW Orland Park LLC., with one condition:
1. Due diligence is being done currently by staff including the Police Department to look into the LLC's and who is exactly behind the LLC's for AJZ Orland Park, LLC and Zeigler BMW Orland Park LLC., to make sure the Village has no concerns and/or issues with respects to them. If issues are reported back to the Board at the July 1, 2013 Board of Trustees meeting, this approval will become null and void.