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Hemet approves tax-sharing agreements to support Hemet Toyota and Tim Moran Hyundai; council authorizes contracts
Summary
Council authorized two vehicle and automotive tax-sharing agreements to facilitate $7.5 million reimbursements (each applicant) tied to sales-tax sharing for expansion projects at the Hemet Auto Mall; Council said agreements include clawbacks and performance conditions and passed the measure 5-0.
The Hemet City Council voted unanimously on Feb. 24 to approve two Vehicle and Automotive Tax Sharing Program agreements that would reimburse Hemet Toyota and the Tim Moran Group (Hyundai) from a shared portion of sales tax proceeds to support facility expansion and modernization.
Economic Development Director Ben Sonoval described outreach to regional brands, the application process and staff analysis. Each applicant requested up…
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