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MegadealsSubsidy Tracker Individual Entry
Company: VNF, INC. DBA FIELDS VOLVO
Parent Company:
Subsidy Source: local
Location: Illinois
City: Northfield
County: Cook
Address: 770 FRONTAGE ROAD, NORTHFIELD, 60093
Project Description: On an annual basis, commencing with January 1 of the year following the Dealership receiving certificate of occupancy & continuing for a period of ten years, sales tax receipts generated by the Volvo dealership and received by the Village will be treated as follows: (a)In Years 1 & 2, the first $AMOUNT of such tax generated annually shall be shared by the Owner and the Village with the Owner receiving 75% and the Village retaining 25%. Any amount in excess of $AMOUNT received by the Village shall be shared 50/50 by the Parties. (b)In Years 3, 4 & 5, the Village shall, under all circumstances, retain the first $AMOUNT of sales tax receipts generated. The next $AMOUNT shall be paid to the Owner. Any amount in excess of $AMOUNT shall be shared 50/50 by the Parties.(c)In Years 6-10, the the first $AMOUNT shall be retained by the Village. The next $AMOUNT shall be paid to the Owner. Any amount in excess of $AMOUNT shall be shared 50/50 by the Parties.
Year: 2012
Subsidy Value: undisclosed
Program Name: Local Sales Tax Rebate
Awarding Agency: Department of Revenue
Type of Subsidy: tax credit/rebate
Source of Data:
(click here)
Notes: Year is year agreement began. Subsidy value is not available. Project description is verbatim text (including indeterminate amounts) from the Department of Revenue's online compilation of excerpts from local agreements.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.