TITLE
Recommendation to receive supporting documentation into the record, conclude the public hearing regarding an economic subsidy in connection with a Retail Sales Tax Incentive Agreement with HTL Automotive, Inc., dba Hooman Toyota of Long Beach, pursuant to California Government Code Section 53083; and
Authorize City Manager to execute all documents necessary to implement a 15-year Sales Tax Incentive Agreement with HTL Automotive, Inc., dba Hooman Toyota of Long Beach, for the relocation and development of a Toyota dealership to be located at 3399 E. Willow Street. (District 5)
DISCUSSION
On October 21, 2014, Agenda Item R-25 (attached), requesting authorization for this proposed agreement was presented to, and approved by, the Long Beach City Council. It was subsequently learned that California Government Code Section 53083 was amended and now requires a public hearing to be held, and an Economic Development Subsidy Report to be prepared and posted to the City website prior to the public hearing, and to remain on the website until the end date of the economic development subsidy.
Accordingly, approval is recommended to enter into a Sales Tax Incentive Agreement (Agreement) with HTL Automotive, Inc., dba Hooman Toyota of Long Beach (Hooman), to support the relocation and development of a Toyota dealership located at 3399 E. Willow Street.
In 2008, Hooman acquired Beach Toyota, located at 4401 Pacific Coast Highway, which had an existing Sales Tax Incentive Agreement that expired in September 2013. In order to expand and continue operation in the City of Long Beach, Hooman has recently acquired the former Coast Cadillac property at the northwest corner of Redondo Avenue and Willow Street. It is Hooman’s intent to relocate its Toyota dealership to the Willow Street location at an estimated cost of $8.4 million. Hooman requested that the expired Sales Tax Incentive Agreement be renewed to assist in the costs of acquisition and renovation of the new si...
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