The St. Charles Planning and Development Committee on Monday unanimously approved the division of the vacant Pheasant Run Resort property into three parcels, including a McGrath Honda dealership that would receive an incentive of more than $5 million to relocate from elsewhere in the city.
The division of the property and the approval of the dealership incentive advance to a final vote at the Sept. 21 meeting of the St. Charles City Council, which also comprises the Planning and Development Committee.
"I don't want to be doom and gloom, but (Monday night) is a conversation about the opportunity to breathe fresh air into our east gateway," said St. Charles City Administrator Mark Koenen.
The Pheasant Run property, whose resort closed in March, consists of 46 acres at the southeast corner of East Main Street and Kautz Road in St. Charles. The first lot is the 12-acre Mega Center parcel on the eastern edge of the property that is proposed to be the McGrath Honda dealership, currently located at 1411 E. Main St., and includes room for a possible second dealership in the future.
McGrath Honda is asking for an incentive of $5,256,000 paid over 15 years. More than a million dollars would go toward public utility improvements, while about $4 million would be paid through a sales tax revenue rebate. Under the terms of the agreement, 75 percent of future sales tax would be rebated to the dealership and the remaining 25 percent would go to the city until the $4 million limit is reached or the 15-year agreement ends.
The city's 25 percent share of the sales tax will go toward the utility improvements. If the dealership closes or relocates during the time of the agreement, the city will be refunded the remainder of the public utility reimbursement that hasn't already been paid to the city.
Lot 2 consists of the bulk of the main Pheasant Run Resort buildings. The third lot is a mostly undeveloped corner parcel at the intersection of Main Street and Kautz.
The golf course is owned by the DuPage Airport Authority and is not part of the proposed subdivision.
"The east side of St. Charles needs a kick-start," Koenen said. "This is the first kick-start I think we've had in our east gateway in some time."
The Link LonkSeptember 15, 2020 at 05:30PM
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McGrath Honda in line for $5M incentive to move to Pheasant Run site - Chicago Daily Herald
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