The deal will enable auto dealers Jack Wilson of Wilson Cornelius Ford and Kenny Ross of Team Chevrolet to purchase 14 acres of the 107-acre business park to develop the auto mall at Gateway Plaza.
Vallejo officials have been working with Gary Mandarich, the master developer of the site, for the past five years to develop a business park in Vallejo. One of the main goals of the proposal was to create an auto mall that would link together several Vallejo car dealers into one central location.
"The approval and signing of this MOU is a significant step for the City of Vallejo for many reasons," says City Manager David Martinez. "By bringing together some of the key auto dealers in Vallejo we can benefit from increased sales tax revenues and work toward completion of the Northgate Business Park and northeast corner of the City."
According to city officials, Gateway Plaza has been extremely successful since its opening and is now 100% occupied. The planned auto mall is the missing link.
The agreement states that the city will refund $1.28 million in development fees over a 20-year period to Wilson Cornelius Ford and Team Chevrolet dealerships. City officials say Vallejo will benefit because it will not lose auto sales to nearby cities.
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