Duarte : Lease for Used Car Dealer
The City Council unanimously approved a lease agreement Tuesday for the development of another used car dealership, a move expected to broaden the city’s economic base and increase revenue from sales tax.
Under terms of the five-year agreement, Kars Yes Inc. will pay the city $10,500 per month for use of a three-acre parcel owned by the Duarte Redevelopment Agency on Central Avenue in the city’s Dealer Row.
The auto retailer, which also operates similar businesses in Riverside, Downey and Huntington Beach, will rebate to the city half of all city sales tax revenues in excess of $70,000 annually, up to a maximum of $20,000.
The agreement provides Kars Yes an option to buy the property.
Construction is expected to begin in September and be completed by February, 1993.
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