The Stuart City Council met in a special session Tuesday.
The Council approved the development agreement with Karl Chevrolet in regards to their expansion project. According to the agreement, among other things, Karl Chevrolet will be required to invest no less than $10 million into capital improvements for the project, give preference to local contractors, and pay all normal property taxes assessed. In return, the City will undergo $2.325 million in General Obligation bonds and will enter into forgivable loan disbursement with the dealership.
The agreement also states that the dealership will establish no less than 20 additional full-time positions above the already established base workforce by October 1st of 2020. During the special session Mayor Dick Cook referred to the agreement as a “gold mine” and an area with untapped potential. The project is estimated to grow the City’s tax base by approximately ten percent.
The expansion will allow the dealership to add a used car lot, service center, and car wash. There will be a special session Tuesday to seek formal action on additional elements to the agreement. That meeting will begin at 6:30pm in the Council Chambers at Stuart City Hall. To see the full agreement and supplemental materials, click on the link below: