AUTO MALL DEAL OK'D CITY WILL SELL SITE TO DEALER FOR $419,625.Byline: Jim Skeen Do you mean:
PALMDALE - The City Council approved the sale of 3.5 acres in the Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley Auto Mall in a redevelopment deal intended to create a Volkswagen dealership and increase tax revenue for the city. In an agreement with auto dealer David Dow (Direct OverWrite) See magneto-optic disk. , the land will be sold for $419,265. The city's redevelopment agency will also give Dow money for the renovation of his Holiday Buick-Oldsmobile dealership into a Nissan dealership. The amount will be equal to the cost of the rehabilitation rehabilitation: see physical therapy. of the Buick dealership or of the land sale, whichever is less, city officials said. Officials call the arrangement a loan, but the money would be considered paid off through sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. generated by the dealership over a 10-year period. Originally Dow had also proposed an expansion of his Saturn dealership as part of the deal, but that project has been delayed. The city acquired the 3.5-acre site, south of Avenue P-8 along Carriage Way, in 1993 for $1.5 million. While the property is being sold for much less than the city paid, officials said the dealerships are expected to generate more than $4 million in sales-tax revenue over the sale price. Work on the dealerships is expected to take about a year. |
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