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Board approves Patriot Motors sales-tax rebate framework and upfront payments
Summary
Tilton trustees approved terms to offer Patriot Motors a 60%/50% sales-tax rebate structure with upfront payments to secure two dealerships, conditional on financing and purchase of property; trustees asked staff to draft the formal agreement for later approval.
Trustees approved moving forward with proposed incentive terms for Patriot Motors: a sales-tax rebate (the transcript describes rebate mechanics including percentages over a set period) and upfront conditional payments to each dealership once arrival and financing were confirmed. Staff said the rebate would be structured across a set term and tied to property purchase and development milestones.
A board member summarized the broad terms: "Motion for Patriot Motors, 50% sales tax, no cap for 12 years, ... 150,000 per dealership upfront once confirmed coming and proof of financing," and trustees voted to approve advancing the incentive package for legal drafting and final contract negotiations. Staff will draft a formal agreement and return it to the board for final authorization.
