WOODSTOCK, Ill. - A deal with the city will help Woodstock Harley-Davidson move down the street from its current 44,000 sq. ft. building to a former Sears outlet store with room to grow.
The dealer will spend an estimated $4.5 million on the new 91,000 sq. ft. site. The city will pay the dealership, owned by Vroom Vroom LLC, up to $275,000 over the next seven years to cover costs of the move. The dealership is guaranteed $150,000 of the incentive package and can earn another $125,000 based on how much sales tax it generates, according to the Northwest Herald, which reported that the Woodstock City Council unanimously approved the plan Tuesday night.
In July the city amended its economic incentive program to include businesses that operate within the city limits. To receive incentives, existing businesses must show that their relocation or renovation will meet certain criteria like adding jobs and increasing the city's tax base.
In a report submitted to the city, dealer GM Doug Jackson estimates the relocation will generate an additional $20,000 in sales tax the first year and an additional $50,000 by years five and six. The dealership expects to add three new hires to its staff, the equivalent of about 50 full-time workers.
Woodstock Harley-Davidson, a 2013 Top 100 Dealer, already generates more than $22 million in revenue per year, the highest among Illinois Harley dealers, according to the report.
Vroom Vroom LLC, a partnership of Jackson, Tracy Lancaster and Arnold Horwich, tried to buy the dealership's current space (which is leased) but was not able to make a deal.
Posted by Holly Wagner