Vandalia City Council approves TIF funding for Hosick Motors

The Vandalia City Council has approved TIF Funding for Hosick Motors to help purchase and renovate a new location for the dealership.

At last week’s TIF Advisory Committee, it was recommended to the City Council to fund 25% of the acquisition cost for Hosick Motors for the former County Market location at 827 Veterans Avenue.  And, also 25% for renovation.  Which would have been a total of $771,159.50 in TIF funds.

But, at their meeting on Monday, the Vandalia City Council agreed to provide more funding.  Alderman Steve Barker made the motion to approve 25% for acquisition and 50% for renovation–which includes construction and new equipment.  The matter was approved by a 4 to 2 vote by the Council with Aldermen Barker, Russ Stunkel, Kenny Lewey and KenHubler voting Yes, Aldermen Bret Brosman and Mike Hobler voting no and Aldermen Bob Bowen and Andy Lester being absent.

Hosick Motors was approved $325,000 for acquisition and $892,319 for renovation for a total of $1,217,319.  That amount will be reimbursed over the next 5 years.