HomeMy WebLinkAbout97-62 Resolution No. 97-62
RESOLUTION
ACCEPTING RON HOPKINS FORD, INC . APPLICATION FOR PARTICIPATION
IN COOK COUNTY AUTOMOBILE DEALERSHIP INCENTIVE PROGRAM
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that Kevin Kelly, Mayor and Dolonna Mecum, City
Clerk, be and are hereby authorized and directed to accept and
execute the application form from Ron Hopkins Ford, Inc. for
participation in the City of Elgin Cook County Automobile
Dealership Incentive Program, a copy of which is attached
hereto and made a part hereof by reference.
s/ Kevin Kelly
Kevin Kelly, Mayor
Presented: February 26 , 1997
Adopted: February 26 , 1997
Omnibus Vote: Yeas 6 Nays 0
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
PARTICIPATION AGREEMENT IN CITY OF ELGIN
COOK COUNTY AUTOMOBILE DEALERSHIP INCENTIVE PROGRAM
This agreement made and entered into this (91{ ) day
of ul , 199ei , by and between the CITY OF ELGIN,
an Illinois municipal corporation (hereinafter referred to as
the "City" ) and RON HOPKINS FORD, INC. , an Illinois corporation
(hereinafter referred to as "Ron Hopkins Ford" ) .
WITNESSETH
WHEREAS, the City Council of the City of Elgin has
previously enacted Ordinance No. T12-96 which provides for the
establishment of an incentive program for automobile
dealerships located within that area of the City of Elgin lying
within Cook County; and
WHEREAS, Ron Hopkins Ford has made application to the
City to participate in the business retention rebate portion of
the incentive program; and
WHEREAS, the City Council has determined that it is
in the best interest of the City to approve Ron Hopkins Ford
application to participate in the business retention rebate
portion of the program.
NOW, THEREFORE, for and in consideration of the
mutual promises and undertakings as set forth herein, and for
other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto
as follows :
1 . That the application of Ron Hopkins Ford to
participate in the business retention rebate portion of the
City of Elgin Cook County Automobile Dealership Incentive
Program is hereby approved by the City Council of the City of
Elgin.
2 . That the terms of Ordinance No. T12-96, a copy of
which is attached hereto, are hereby incorporated into this
agreement in their entirety. Ron Hopkins Ford agrees to comply
with all conditions and terms as specified in the automobile
dealership incentive program and as set forth in the attached
Ordinance No. T12-96 .
3 . That Ron Hopkins Ford hereby agrees to remain at
its present address of 1045 East Chicago Street, Elgin, Cook
County, Illinois, and to continue with its retail operations of
an automobile dealership at such location for at least five (5)
years from November 22 , 1996 .
4 . That in consideration of Ron Hopkins Ford
remaining at its present address of 1045 East Chicago Street,
Elgin, Cook County, Illinois, and continuing with its retail
operation of an automobile dealership at such property for at
least five (5) years from November 22 , 1996 , the City agrees
that Ron Hopkins Ford is eligible to receive a retail sales tax
rebate in the amount of thirty-five ( 35%) percent of the
increase in retail sales tax received by the City of Elgin from
the sale of automobiles . Any such rebate shall be repaid by
Ron Hopkins Ford to the City with interest of seven percent
( 7%) per year if Ron Hopkins Ford fails to remain at such
property for the five (5) year period. The rebate shall be
based on the increase in sales tax over the average retail
-2-
sales tax distributed to the City by Ron Hopkins Ford during
the three ( 3) years previous to November 22 , 1996 .
IN WITNESS WHEREOF, the parties have entered into and
executed this agreement on the date and year first written
above.
CITY OF ELGIN RON HOPKINS FORD
By gytli Mayor R nald : 1 Ho kins
I s Pr_= ,dent
Attest: Atte t:
- 47f(t. 61-/z
City Clerk dcretar y
-3-
Ordinance No. T12-96
AN ORDINANCE
ESTABLISHING AN INCENTIVE PROGRAM FOR
COOK COUNTY AUTOMOBILE DEALERSHIPS
WHEREAS, the City of Elgin is located in Cook and Kane
Counties; and
WHEREAS, the real estate assessment classification system
for Cook County results in a competitive disadvantage for
automobile dealers operating in the Cook County section of the
City of Elgin with respect to automobile dealers operating in
Kane County; and
WHEREAS, it is necessary to protect the city' s tax base
and promote employment within the City of Elgin to provide
economic incentives to automobile dealers operating in that
part of the City of Elgin situated in Cook County to continue
such operations and invest in capital improvements at such
locations; and
WHEREAS, the City of Elgin is a home rule unit within the
meaning of Article VII of the Constitution of Illinois of
1970; and
WHEREAS, the program established herein is in furtherance
of the promotion of the economic well being of the City of
Elgin, a public purpose.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS :
Section 1 . Incentive Program. That there is hereby
established an economic incentive program to be known as the
Cook County Automobile Dealership Incentive Program.
Section 2 . Sales Tax Rebate Program. Any retail
automobile dealership operating in that portion of the City of
Elgin located in the County of Cook that makes a minimum
capital improvement to property currently owned, including
furniture and fixtures, in an amount in excess of two hundred
percent (200%) of the average amount of local retail sales tax
paid to the City of Elgin in the last preceding three years
shall be eligible to receive a rebate of fifty percent (50%)
of the increase in sales tax in excess of the preceding three
year average distributed to the City of Elgin from the sale of
automobiles . This incentive shall be available for a period
of five years from the date of the approval of the corporate
authorities of the City of Elgin of a participation agreement
between the City of Elgin and an eligible dealer.
Section 3 . Capital Investment Grant Program. Any retail
automobile dealership operating in the Cook County portion of
the City of Elgin is eligible to receive an investment grant
equal to fifteen percent ( 15%) of a capital investment in an
amount of Fifty Thousand Dollars ( $50,000) or more but not to
exceed Two Hundred Thousand ( $200,000) . Capital improvements
qualifying for such grant shall be completed within two years
after approval by the corporate authorities of the City of
Elgin of an agreement which includes a description of the
capital improvements to be made between the City of Elgin and
the dealership under this program. At the end of the first
full month of the year following commencement of construction,
one half of the estimated investment grant shall be paid. The
remainder of the grant shall be paid at the earlier of the
completion of construction or thirteen months after
commencement of construction. No dealership shall be eligible
for a grant more than once in a period of five years . Any
grant amounts received shall be repaid if capital improvements
for which a grant is received are not completed within two
years .
Section 4 . Business Retention Rebate. Any retail
automobile dealership operating in Cook County who agrees in
writing to continue such retail operation in the Cook County
portion of the City of Elgin for a period of not less than
five years is eligible to receive a retail sales tax rebate in
the amount of thirty-five percent ( 35%) of the increase in
retail sales tax received by the City of Elgin from the sale
of automobiles . Any such rebate shall be repaid with interest
if a dealership fails to remain for the five year period. The
rebate shall be based on the increase in sales tax over the
average retail sales tax distributed to the City of Elgin
during the past three years by the participating dealer.
Section 5 . In order to participate in the Cook County
Automobile Dealers Rebate Program, an applicant shall submit
copies of all relevant documents including but not limited to
verification from the Illinois Department of Revenue ( "DOR" )
of the revenues and sales taxes paid for the past three years
and shall execute a written agreement which shall include the
items necessary to comply with the provisions of this
ordinance including but not limited to the following:
1 . The Automobile Dealer' s agreement that, at any time
upon the reasonable request of the City, it will
demonstrate evidence of the cost of improvements
equivalent to the City' s payments hereunder.
2 . The Automobile Dealer' s agreement that it will not,
during the life of the agreement, protest, contest,
or in any other way seek to lower the amount of
property tax rate with respect to the property.
Nothing herein contained shall prevent Automobile
2
Dealer from protesting the assessed valuation of the
property.
3 . The Automobile Dealer' s agreement to promptly
commence and diligent pursue renovation activities .
Once construction has begun, Automobile Dealer
agrees to construct the improvements, both on-site
and off-site, in substantial accordance with plans
and specifications submitted at the time of
application.
4 . The Automobile Dealer' s agreement that in the event
that Automobile Dealer' s motor vehicle dealership
ceases to operate at the property at any time during
the duration of the agreement, Automobile Dealer
agrees to remit to the City monies received from the
City pursuant to this agreement. In order to secure
the requirement to make repayment, the Automobile
Dealer shall post or cause to be posted in favor of
the City, a performance bond, letter of credit, or
such other instrument acceptable to the City (the
"Credit Facility" ) in an amount equal to any amounts
paid out.
5 . Within seventy-five ( 75) days after each annual
period, Automobile Dealer shall provide the City
with a statement signed by one of its officers as to
the dollar amount of sales tax revenue paid to the
State of Illinois for the benefit of the City during
the prior annual period. Additionally, Automobile
Dealer shall maintain and have available for
inspection by the City copies of any and all sales
tax returns, sales tax reports, amendments, proof of
payment or any other sales tax information filed
with the State of Illinois or other appropriate
governmental entity, which documents are being held
available for the City for purposes of identifying
sales tax revenue collected pursuant to this
agreement for calendar years 1996 through the life
of this agreement. Additionally, the City shall use
its best efforts to obtain such sales tax
information directly from the Illinois Department of
Revenue or the State of Illinois . To the extent
permitted by law, the City shall endeavor to
maintain the confidentiality of the information
contained in such reports, but shall be permitted to
disclose such information and documents to employees
and consultants as the City (except for any
consultant that has a financial interest in any
motor vehicle dealership within the Chicago
Metropolitan Area, which consultant shall not be
retained) , in its sole discretion deems appropriate
in order to monitor compliance and audit this
agreement. Automobile Dealer also agrees, upon the
3
request of the City, to furnish such consents or
waivers as may be required by the Illinois
Department of Revenue to allow the Illinois
Department of Revenue to furnish to the City sales
tax information concerning the Automobile Dealer
dealership.
6 . No recourse under or upon any obligation, covenant
or agreement of this agreement or for any claim
based thereon or otherwise in respect thereof shall
be had against the City, its officers, agents and
employees, in any amount or in excess of any
specific sum agreed by the City to be paid to
Automobile Dealer, subject to the terms and
conditions herein, and no liability, right or claim
at law or in equity shall attach to or shall be
incurred by the City, its officers, agents and
employees in excess of such amounts, and all and any
such rights or claims of Automobile dealer against
the City, its officers, agents and employees are
hereby expressly waived and released as a condition
of and as consideration for the execution of this
agreement by the City. No recourse under or upon
any obligations, covenant or agreement of this
agreement or for any claim based thereon or
otherwise in respect thereof shall be had against
Automobile Dealer, its officers, agents and
employees, in excess of their obligations to the
City hereunder, subject to the terms and conditions
herein, and no liability, right or claim at law of
or in equity shall attached to or shall be incurred
by Automobile Dealer, its officers, agents and
employees, in excess of their obligations hereunder.
7 . The City and Automobile Dealer agree to do all
things necessary or appropriate to carry out the
terms and provisions of this agreement and to aid
and assist each other in carrying out the terms
hereof .
8 . This agreement shall be governed by the laws of the
County of Kane, the State of Illinois, and the sole
and exclusive venue for any disputes arising out of
this agreement shall be any state or federal court
located within the State of Illinois . A waiver of
any part of this agreement shall be limited to that
specific event and shall not be a waiver of the
entire agreement. Any notices required in this
agreement shall be effective when in writing and
three ( 3) days after mailing by certified mail,
return receipt requested, or by delivering the same
in person or to an officer of such party or by
prepaid telegram or private overnight courier, when
appropriate, addressed to the party to be notified.
4
Section 6 . This ordinance shall be in full force and
effect from and after its passage.
s/ Kevin Kelly
Kevin Kelly, Mayor
Presented: August 28, 1996
Passed: August 28, 1996
Vote: Yeas 7 Nays 0
Recorded: August 29, 1996
Published:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
5
•
V�,c1 OF Etc,
• 1,. Agenda Item No.
5i74�. , City of Elgin, 7
-41711,0*
February 5, 1997
TO: Mayor and Members of the City Council
FROM: Robert O. Malm, Interim City Manager
SUBJECT: Cook County Automobile Dealership Incentive Program
Application - Ron Hopkins Ford
PURPOSE
The purpose of this memorandum is to provide information to the
Mayor and members of the City Council to enter into an agreement
with Ron Hopkins Ford for participation in the Cook County
Automobile Dealership Incentive Program.
BACKGROUND
On August 28, 1996, the City Council passed an ordinance estab-
lishing an incentive program for automobile dealerships located
in the Cook County portion of Elgin. Application forms and
program information were mailed to all dealerships in October,
1996 .
The Cook County Automobile Dealership Incentive Program consists
of three facets :
1) Sales Tax Sharing Agreement: Any Elgin automobile dealer-
ship whose facility is located in Cook County may take
advantage of the sales tax sharing agreement by making a
capital improvement to their facility of more than 200
percent of the average sales base ( 1993-1995) . During the
next five years, the eligible dealership will receive 50
percent of the increased local sales tax revenue generated
over the business ' s sales tax base.
2 ) Investment Grant Program: Automobile dealers who make
capital investments of at least $50, 000 and up to $200, 000
may be eligible for a 15 percent investment grant from the
City. Upon approval, a participating dealer has up to two
years to complete capital improvements . The City will pay
half of the grant amount in the first month that improve-
ment construction begins, with the balance being paid in
thirteen months or when construction is completed, which
ever comes first. The required improvements must be com-
pleted within the two-year period or all grant money previ-
ously distributed will be forfeited. Dealers are eligible
for the Investment Grant Program only once every five years .
Cook County Automobile Dealership Program Application
February 4 , 1997
Page 2
3 ) The Business Retention Rebate: To be eligible for the 35
percent business retention rebate, a dealership must agree
in writing to continue their retail operations in Elgin for
a period of at least five years . The dealership is also
required to supply the City with Illinois Department of
Revenue documentation of the revenues and sales taxes paid
for the years 1993-1995 . All sales tax information re-
ceived from the Illinois Department of Revenue is required
to remain confidential .
Ron Hopkins Ford has submitted an application and all required
documentation for participation in the business retention rebate
facet of the program. The Illinois Department of Revenue has
verified the sales tax receipts for the dealership during the
previous three-year period ( 1993-1995) . Upon execution of a
participation agreement, the dealership will be eligible to
receive a 35 percent rebate of the increase in sales tax re-
ceipts (February, 1997 through January, 1998) over the previous
three-year average.
Example:
Average 3-Year Sales Tax Receipts ( 1993-1995) $250, 000
Sales Tax Receipts (2/97 - 1/98) Assuming 20% Increase $300, 000
Annual Rebate to Dealership ( 35% of $50,000) $ 17 ,500
COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED
None.
FINANCIAL IMPACT
The exact rebate amount will not be known until completion of
the twelve month period following approval of the participation
agreement (February 1997 through January, 1998) . Adequate
monies are available in the Elgin Riverboat Fund, account number
275-0000-791 . 80-27 - Economic Development Incentives - to fund
this program.
LEGAL IMPACT
None.
ALTERNATIVES
None.
Cook County Automobile Dealership Program Application
February 4 , 1997
Page 3
RECOMMENDATION
It is recommended that the Mayor and members of the City Council
authorize staff to enter into a participation agreement with Ron
Hopkins Ford for the business retention rebate facet of the Cook
County Automobile Dealership Incentive Program.
Respectfully submitted,
1MA1 2ki
r
a es R. Nowicki
ance Director
Ro rt . Malm
In erim City Manager
JRN/daw
Attachment
46•,(OFE-40
c-►r pp
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CITY OFELGIN
COOK COUNTY AUTOMOBILE DEALERSHIP
INCENTIVE PROGRAM
APPLICATION FORM
Business Name: /e0/✓ 4P/e/IJ-5
Business Address: /0//5 E &-//e/q o ,5772EET
City/State/Zip Code: �LGi�✓ SL �o/��
Corporate Officer: /eoWALD oPK/N's
Telephone: O47) 7d/- 7500
Federal Tax ID Number: - 3/3 74Z 7
Sales Tax ID Number: /505 g/c2.
If you are interested in participating in the Cook County Automobile Dealership Incentive
Program,please complete and return this application to: James R Nowicki, City of Elgin, 150
Dexter Court, Elgin, IL 60120 (telephone 847-931-5625).
Also,please provide three (3) copies of the appropriate documentation supporting the facet of
the particular program in which you wish to participate.
Participants in the rebate programs are required to submit Illinois Department of Revenue
1 1 �
documentation of revenues and sales taxes paid for the last three years (all documentation
will remain confidential). Descriptions of plans for capital improvements must also be
submitted at the time of application to the program. Application is subject to review and must
he approved by the Elgin City Council.
SALES TAX SHARING AGREEMENT
(Dealership capital investment must be more than 200% of the average sales tax base (1993-
1995).
Detailed Description of Capital Investment:
Name of General Contractor:
Address:
City/State/Zip:
Telephone:
Project Costs:
Construction/Remodeling $
Other Capital Improvements $
Average Sales Tax Base (1993-1995) $
Please provide the following documentation (all documentation provided will remain
confidential):
► Copies of City of Elgin building permit receipts related to capital investment
► Receipts for capital improvement purchases.
► State of Illinois certified sales tax receipts (1993-1995)
► Construction/bid documents (required for building permit) for building
expansion/remodeling.
► Listing of capital items to be purchased..
► Copy of business plan, if available.
► Copy of most recent audited financial statement.
•
INVESTMENT GRANT
(Capital investment must be at least$50,000 and up to $200,000)
Detailed Description of Capital Investment (please include number of square feet improved):
Name of General Contractor:
Address:
City/State/Zip:
Telephone:
Project Costs:
Construction/Remodeling $
Other Capital Improvements $
Please provide the following documentation (all documentation provided will remain
confidential):
► Copies of City of Elgin building permit receipts related to the capital investment.
► Receipts for other capital improvement purchases (e.g., furniture, fixtures, etc.).
► Construction/bid documents (required for building permit) for building
expansion/remodeling.
► Listing of capital items to be purchased..
► Copy of business plan, if available.
► Copy of most recent audited financial statement.
ti .
BUSINESS RETENTION REBATE
(Dealerships must remain in Elgin for at least five years-- may not be used in conjunction
with another incentive)
Please provide the following documentation (all documentation provided will remain
confidential):
► Copy of five-year lease agreement (if property is leased).
► Affidavit, signed by an authorized officer, stating the dealership will continue their retail
operations in Elgin for at least five years.
► State of Illinois certified sales tax receipts(1993-1995).
All supportive financial documents and required information must be supplied before the
application will be considered by the Elgin City Council.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
We agree to all conditions specified in the Automobile Dealership Incentive Program.
Signed -GAM ( ' Signed:
Title: ikQd. Title:
(Chief Corporate Officer) (Chief Financial Officer)
Date: ///a 7/94
Approved:
Attest:
Signed: Signed:
Kevin Kelly, Mayor Dolonna Mecum, City Clerk
Date:
•
•
Ford Leasing Development Company One Padden Boulevard,Suits 1500E
P.O. Box 6008
Dearborn. Michigan 48121-8008
February 22, 1996
Mr.Ronald B. Hopkins
Suburban Ford,Inc.
1045 East Chicago Street
Elgin,IL 60120
Subject: DFPP Dealership Sublease Renewal
Dear Mr.Hopkins:
This communication is a reminder that your Dealership Sublease expires on June 26, 1996_ You may exercise your
option to extend the Dealership Sublease for an additional five year period by providing notice of your intention to
extend prior to February 26, 1996.
If you wish to provide notice at this time,please do so by signing the notice section below and returning this letter to
me.
Sincerely,
•
6a---its
Bonita D.Hernan
Dealership Real Estate Representative
phone(313)323-8038
fax(313)390-7488
NOTICE TO FORD LEASING DEVELOPMENT COMPANY(Landlord)
The undersigned hereby exercises its Option to Extend the Dca!'rship Sublease between Ford Leasing
Development Company as Landlord and Suburban Ford,Inc.
as Tenant for an additional five year period commencing June 27,1996.
Suburban Ford,Inc
Bsclaecus Its: '• 1S�i
Date: 24)16t b
bdh\fppsubex.doc
1c9 ;FORO`. . .
'1 �I RON HOPKINS FORD .� �..�
�..�4 .e.
The buz.ine44 known as Ron Hoph.i,n6 Fond, Inc. nema.in aZ .Lt6 pneisent
addnee4 04 1045 E. Ch.ieago S.tneet E!g.i.n IL bon at £ea4.t the next ti.i.ve years.
Dated: November 22, 1996
Wad
Rc na._d B. .ph i n�, Pne4Lden.t
•
•
•
1045 E. CHICAGO ST. • ELGIN, IL 60120 • (847) 7 1-7500
.' . .
OF E
40
•
InLI,\
CITY OF ELGIN
COOK COUNTY AUTOMOBILE DEALERSHIP
INCENTIVE PROGRAM
APPLICATION FORM
Business Name: Ai I PJlia/S
Business Address: /041,5 /IMAGO ,57-72EET
City/State/Zip Code: 42.6in/ SL 0110
Corporate Officer: AA/ALD goF'KrNS
Telephone: (Ph) 7111-- 75-oc
Federal Tax ID Number: - 43 7469
Sales Tax ID Number: /56.5`
If you are interested in participating in the Cook County Automobile Dealership Incentive
Program,please complete and return this application to: James R Nowicki, City of Elgin, 150
Dexter Court, Elgin, IL 60120 (telephone 847-931-5625).
Also,please provide three (3) copies of the appropriate documentation supporting the facet of
the particular program in which you wish to participate.
Participants in the rebate programs are required to submit Illinois Department of Revenue
documentation of revenues and sales taxes paid for the last three years (all documentation
will remain confidential). Descriptions of plans for capital improvements must also be
submitted at the time of application to the program. Application is subject to review and must
be approved by the Elgin City Council.
SALES TAX SHARING AGREEMENT
(Dealership capital investment must he more than 200% of the average sales tax base (1993-
1995).
Detailed Description of Capital Investment:
Name of General Contractor:
Address:
City/State/Zip:
Telephone:
Project Costs:
Construction/Remodeling $
Other Capital Improvements $
Average Sales Tax Base (1993-1995) $
Please provide the following documentation (all documentation provided will remain
confidential):
► Copies of City of Elgin building permit receipts related to capital investment
► Receipts for capital improvement purchases.
► State of Illinois certified sales tax receipts (1993-1995)
► Construction/bid documents (required for building permit) for building
expansion/remodeling.
► Listing of capital items to be purchased..
► Copy of business plan, if available.
► Copy of most recent audited financial statement.
INVESTMENT GRANT
(Capital investment must be at least$50,000 and up to $200,000)
Detailed Description of Capital Investment (please include number of square feet improved):
Name of General Contractor:
Address:
City/State/Zip:
Telephone:
Project Costs:
Construction/Remodeling $
Other Capital Improvements $
Please provide the following documentation (all documentation provided will remain
confidential):
► Copies of City of Elgin building permit receipts related to the capital investment.
► Receipts for other capital improvement purchases (e.g., furniture, fixtures, etc.).
► Construction/bid documents (required for building permit) for building
expansion/remodeling.
► Listing of capital items to be purchased..
► Copy of business plan, if available.
► Copy of most recent audited financial statement.
BUSINESS RETENTION REBATE
(Dealerships must remain in Elgin for at least five years-- may not be used in conjunction
with another incentive)
Please provide the following documentation (all documentation provided will remain
confidential):
► Copy of five-year lease agreement (if property is leased).
► Affidavit, signed by an authorized officer, stating the dealership will continue their retail
operations in Elgin for at least five years.
► State of Illinois certified sales tax receipts(1993-1995).
All supportive financial documents and required information must be supplied before the
application will be considered by the Elgin City Council.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
We agree to all conditions specified in the Automobile Dealership Incentive Program.
Signed: tad 11 Signed:
Title: ��
Title:
(Chief Corporate Officer) (Chief Financial Officer)
/// 'Date:
Approved:
Attest:
Signed: Signed: A4-1,1,„_./(
Kevin Kelly, May Dolonna Mecum, City Clerk
Date: 3/37 97
6, FORD. •
. ) j \______
k.) „F-0-,e,—,
�� RON HOPKINS F4
, ,.., ,,,
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ii,....•
o y'.�III 1 �4T.,.e „,_
„.. �N.I,_,,.. Th
u
The bins ine��5 hnawn ass Rave HapkLna Fond, inc.. wi Q2 nema-Ln a- i-to pne�ent
addne�ss a{� 1045 F. Ch- caya Street R�y�n IL fan a 2ea6 the next {give yeanh.
Dated: Navemben 22, 1996
r\
d kile
Rc na.ed B/ opfaLk Pne6-den
1045 E. CHICAGO ST. • ELGIN, IL 60120 • (847) 741-7500
•
•
•
Ford Leasing Development Company One Perkiane Boulevard, Suite 1500E
P.O.Sox 6008
Dearborn, Michigan 48121-8008
February 22, 1996
Mr. Ronald B.Hopkins
Suburban Ford,Inc.
1045 East Chicago Street
Elgin,IL 60120
Subject: DFPP Dealership Sublease Renewal
Dear Mr.Hopkins:
This communication is a reminder that your Dealership Sublease expires on June 26, 1996_ You may exercise your
option to extend the Dealership Sublease for an additional five year period by providing notice of your intention to
extend prior to February 26, 1996.
If you wish to provide notice at this time,please do so by signing the notice section below and returning this letter to
mc.
Sincerely,
642-714 .-
Bonita D.Hernan
Dealership Real Estate Representative
phone(313)323-8038
fax(313)390-7488
NOTICE TO FORD LEASING DEVELOPMENT COMPANY(Landlord)
The undersigned hereby exercises its Option to Extend the Dca'-*ship Sublease between Ford Leasing
Development Company as Landlord and Suburban Ford,In.
as Tenant for an additional five year period commencing June 27,1996.
Suburban Ford,Inc.
B 4W(ULQ
Its: '♦ t�i
Date: a-`?ja 6
bdhlfppsubex.doc '