Title/Name/Summary
Moran Family of Brands - Inducement Agreement
History
The Moran Family of Brands is a franchisor with concepts focusing on the automotive aftermarket repair, maintenance and accessories of a consumers’ vehicle. They are one of the largest automotive aftermarket franchisors with 6 different brands spread across the United States and internationally in Africa and coming soon to Canada.
The proposed project includes the redevelopment of three office suites into an approximately 6,000 square foot new Headquarters. The office is to be located at 11524 W 183rd Street. Moran’s has not formally petitioned but is working with staff on a preliminary basis.
Moran has requested to participate in the Village of Orland Park’s COVID-19 Economic Development Incentives Program to assist with their proposed project. The Non-Traditional Sales Tax Sharing Program would allow Moran to receive 50% of the sales tax generated at their location for 10 years up to a maximum amount of $75,000. The Inducement Agreement also includes the Orland Park Commercial Impact Program that allows for 25% reduction on permit and related fees. The Commercial Impact Program is estimated to save the project approximately $3,000. The following is a summary of the proposed terms:
· Moran Family of Brands Office Project Build-Out - anticipated to be approximately $300,000.
· 50% sharing of sales tax.
· Ten-year term - this is consistent with previous Inducement Agreements.
· Maximum 25% certified project costs or $75,000, whichever comes first.
· 25% reduction on permit and related fees.
· Job Creation/Retention (50-60 jobs).
· The Commercial Impact Program is estimated to save the project approximately $1,500.
The proposed Inducement Agreement is attached.
Recommended Action/Motion
I move to approve a sales tax sharing Inducement Agreement with Moran Family of Brands as outlined above and to be incorporated into their final Development Agreement, pending approval of the zoni...
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