Auto Mall

Randall/90 Auto Mall occupies the easterly 86 acres of a 125-acre tract purchased by LFI in June 2006. The westerly 40 acres are being developed as an office park containing 450,000 sq. ft. of single-story and mid-rise buildings.

The Auto Mall is at a 4-way interchange with direct stop-lit access off of Randall Road and Saddle Club Road extension. There is 1,226 ft. of frontage along Randall Road and 1,950 ft. along I-90 Expressway, with a combined traffic count of over 150,000 cars per day.

The Auto Mall is laid out for 9 individual lots, ranging from 5.02 acres to 8.91 acres. Each lot sold will contain absolute NET usable acreage, with all storm water detention, roads and rights of way deducted. Each lot will be sold “pad ready” (graded and compacted). All a dealer needs to do is submit engineering drawings to the City for permit approval to begin his construction.
               
Incentive-Based Development Agreement - The Development Agreement we have structured with the City of Elgin is an incentive-based deal that includes:

A 20-year Sales Tax Incentive Rebate package, with 25% annual rebate to each auto dealer, with no minimum base sales requirement.

A five-year Real Estate Tax Abatement for the City’s portion of real estate taxes,
which starts at a 100% abatement and reduces 20% per year over the first five years.

$1.3 Million Signage Project - We will shortly begin construction of two monolith signs, one 40 ft. high sign along Randall Road and one 80 ft. high sign along I-90. Each sign will contain double-sided panels identifying individual car dealers. The 80-ft. monolith sign along I-90 will also contain a 10 ft. x 20 ft. state-of-the-art LED electronic message center that will be operated solely for each dealer’s benefit.

Each dealer will own a membership interest in the signs and the LED message center, with rights to use the message panel on a prime and non-prime time rotational basis. By way of example, each dealer will own a 10% membership interest in the LED panel and be able to promote and advertise 2.4 hours (6 minutes per hour) over a 24-hour period, 7 days a week.

16 Approved Car Brands - The City of Elgin approved Randall/90 Auto Mall for 16 car brands (below). By Agreement, a dealer can bring a non-approved car brand to this development provided it first brings an approved brand to one of the lots.

·         Acura
·         Audi
·         BMW
·         Cadillac
·         Honda Hummer
·         Infiniti
·         Jaguar
·         Land Rover
·         Lexus
·         Lincoln
·         Mercedes Benz
·         Porsche
·         Saab
·         Volkswagen
·         Volvo