$27M projected in sales at new Toyota dealership here
A new Toyota dealership here will generate an estimated $27 million in annual sales, officials have estimated as a tax incentive program received final approval last week.
Representatives of Doc’s Toyota, which is in the process of relocating to Philadelphia from Louisville, expect the dealership to be open next year and employ about 20 people.
“We are very excited about this project,” said Christiana Sugg of Gouras & Associates, a law firm that has extensive experience in helping clients secure incentives from state and local jurisdictions.
“We expect it to bring in
$27 million in annual sales. It will increase the property taxes for the city and the county and also contribute to the city’s sales tax rebates.”
The Philadelphia Mayor and Board of Aldermen voted during their Tuesday, Nov. 16 meeting to establish a Tax Increment Financing (TIF) District on the south side of Highway 16 across from Bumpers. The dealership, formerly known as Bullock’s Toyota, will be relocating there from Louisville sometime next year.
The action was taken following a public hearing last Tuesday after announcing last month that Doc’s Toyota of Louisville would be relocating to Philadelphia.
“We have a TIF district on the north of Highway 16 where Marshall Ford and the other businesses are,” said Robert Thomas, city attorney. “We are creating one on the south side for Doc’s and any other business that can locate there.”
The TIF district is a financing strategy designed to make improvements to a targeted project area or district without drawing on general fund revenue or creating a new tax. Taxes collated are diverted to pay for infrastructure improvements such as roads, sewer and water.
No one spoke during the public hearing. Afterward, aldermen voted to approve the creation of the district.
During an Oct. 19 meeting the board passed two resolutions regarding the TIF.
The first resolution was an engagement resolution.
“The engagement resolution — authorizes Board Attorney Robert Thomas as your attorney, Butler Snow as bond counsel, and Steve Pittman as financial and government consultant, to proceed with the legal analysis and make sure you do everything you need to do,” Sam Keyes of the Butler Snow law firm told aldermen at the time.
The second resolution declares the city’s intent to proceed with the adoption of a taxing-financing plan.
Keyes said state law requires a plan be in place before the city can proceed.
Aldermen passed both resolutions and set the public hearing that was held last week.
In other matters, aldermen voted to:
• Approve the minutes of the last meeting and the claims docket.
• Approve for the city to pay for registration and travel for the mayor and aldermen to attend the Mid-Winter Legislative Conference in Jackson on Jan. 11-13.
• Approve to pay Waggoner $6,800 for work done on the Booker T. Washington gym renovation project.
• Accept the resignation of Kenny Drury from the Streets Department.
• Approve an order to advertise a public hearing to rezone a property on Valley View Drive from R-3 to C-3.
• Approve street closings for the Christmas Parade set for Dec. 6.
• Approve the hiring of Devonte Wilson, patrolman first class, to the Philadelphia Police Department. Aldermen also approved the hiring of Cpl. David Tucker and accepted the resignation of officer Virginia McDonald.
• Approve to pay the District Attorney’s Office $1,568 out of the Seized Money account.
• Approve the change of job status of Andrea Slaton from full-time to part-time.
• Accept a $50,000 Homeland Security grant for the fire department.
• Approve the payment of $630 to Gilmer Electric for work done on the East Central Community College diesel mechanics building, which the city owns.
• Approve the payment of $4,300 to Denson & Associates.
• Approve setting up a “buy money” fund for the police department’s drug investigations.
• Approve appointing City Clerk Nikki Walton as applicant agent to work with FEMA and MEMA on last year’s winter storm.