Finance & Administration Committee

Village of Lombard Village Hall 255 East Wilson Ave. Lombard, IL 60148 villageoflombard.org Meeting Agenda Monday, April 25, 2022 6:00 PM Board Room Finance & Administration Committee Trustee Andrew Honig, Chairperson Dan Militello, Alternate Chairperson Mary Cation, Jim Hogan, Jay Tovian, David Cain, Jr., Dan Hartweg, Randy King, Ambareen Ahmed, Michael Himmes Staff Liaison: Timothy Sexton Finance & Administration Meeting Agenda April 25, 2022 Committee 1.0 Call to Order and Pledge of Allegiance 2.0 Roll Call 3.0 Public Participation 4.0 Approval of Minutes Minutes of February 28, 2022 5.0 New Business 220161 Discussion and Approval of the Proposed Purchasing Policy Manual Update to Petty Cash 6.0 Other Business 7.0 Information Only Heritage Cadillac Inc. Business Retention Economic Incentive Agreement - Village Board Agenda Item April 21, 2022 210360 An Ordinance Authorizing a Business Retention Economic Incentive Agreement for Heritage Cadillac, Inc., located at 303 W. Roosevelt Road. The Ordinance approves an Business Retention Economic Incentive Agreement between the Village and Heritage Cadillac, Inc., an Illinois corporation (the “Business Owner”) and associated with a parcel of approximately 8.13 acres in area and located at 303 West Roosevelt Road (the “Property”). The Business Owner seeks to make capital improvements to the Property consisting of demolition and building a new motor vehicle sales showroom, building electric motor vehicle infrastructure, installation electric vehicle charging stations and parking lot storm sewer and paving improvements. The estimated costs of the project range from $5,500,000 to over $7,000,000. The Village will reimburse the Developer from funds established within the Village Economic Development Fund, which was approved by Ordinances 7990 through 7992 in October, 2021. Fund availability shall be available in an amount not to exceed 50 percent of the eligible project costs or $3,500,000, whichever is less, over the 20 year life of the Agreement. Reimbursements shall be solely performance based and based upon a tiered schedule of vehicles sold on the premises and subject to other performance measures and obligations. The incentive request was introduced to the Economic & Community Development Committee at their November 8, 2021 meeting and the ECDC directed staff and Village Counsel to prepare a final Village of Lombard Page 2 Printed on 4/22/2022 Finance & Administration Meeting Agenda April 25, 2022 Committee Agreement for Village Board consideration. As the incentive exceeds the ten year incentive policy limitation provision, the request is being placed on Items for Separate Action. (DISTRICT #2) Legislative History 11/17/21 Economic & Community approved by the committee Development Committee 4/21/22 Village Board of Trustees passed on first reading IML 2022 End of Session Summary 8.0 Review of Financial Information March 2022 Monthly Financial Report 9.0 Future meeting Date 10. Adjournment Village of Lombard Page 3 Printed on 4/22/2022