City’s Sales Tax Sharing Agreement with Tom Bell Chevrolet: Terms and Rebate Details

• Agreement between the City and Dick Dewese Chevrolet Inc. began on November 6, 2012, and ends on August 1, 2026
• Agreement supports dealership’s investment in modernizing its showroom and increasing sales
• City agreed to rebate a portion of sales tax exceeding a baseline, not to exceed two-thirds of the dealership’s investment over 10 years
• Years 1-5: 50 percent of sales tax revenue exceeding $299,954 rebated
• Years 6-10: 25 percent of sales tax revenue exceeding $299,954 rebated
• Total sales tax rebated by June 30, 2024, is $700,962.50
• Sales tax rebated in Fiscal Year 2024 is $81,017.25

Source: cityofredlands.org

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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