As of press time, the village board was expected Tuesday night to vote on an agreement that would keep Foley Rice Cadillac in Oak Park. The proposed deal will also ultimately put the dealership’s lot at 722 Madison St. in the hands of the village, giving Oak Park a 33,825-square-foot parcel at the northeast corner of Oak Park Avenue and Madison Street to develop.
The dealership has said its quarters, at 711 Madison St., need to be expanded and renovated, otherwise relocation would be necessary.
The proposed agreement calls for the village to allow Foley Rice to lease the village-owned lots at 710 and 728 Madison St. for $1 per year, with two optional 6-month extensions. The dealership would make improvements to the lot, and store cars there, while it begins improvements at its showroom and offices, on the south side of Madison.
Following renovations, Foley Rice would sell its lot on the north side of the street to the village at a price of $1.15 million, according to a staff memo to the board.
The village would also agree to vacate Wesley Avenue and construct a cul-de-sac at that intersection. Previous plans presented by the dealership include expanding across Wesley.
According to the same memo, however, the dealership still needs to acquire parcels in the 600 block of Madison Street to complete the expansion. The village would pay 50 percent of the cost of acquiring those properties, in an amount not to exceed $500,000.
The agreement also calls for the village to refund 90 percent of its share of local sales tax generated by the dealership for 10 years, after Foley Rice has completed renovation and relocated. That refund is based on a $100,000 base for the first year and a $125,000 base over the next four years.