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Council approves assignment of IRB benefits to Walzer Real Estate for proposed dealership
Summary
Council voted 8–0 to approve a resolution assigning rights from Walzer Automotive Group LLC to Walzer Real Estate LLC, preserving previously authorized IRB sales‑tax exemptions for construction materials at 7220 W. Frontage Road; staff said the assignment does not change the underlying deal.
Staff explained the requested assignment transfers the benefits (sales‑tax exemption certificates for construction materials) that were authorized under Resolution No. 969 from Walzer Automotive Group LLC to Walzer Real Estate LLC, the developer entity. Staff said the assignment does not alter the business terms or benefits; bond counsel drafted the resolution and was available for questions. "It does not change the business deal. It simply assigns the benefits from Walzer Automotive Group LLC to Walzer Real Estate," staff said.
A motion to approve the resolution assigning the rights of Resolution No. 969 to Walzer Real Estate LLC was made and seconded; the council voted unanimously, 8–0, to approve the assignment. No changes to conditions or benefits were announced at the meeting.
