FROM PAGE 1 ly as this fall, allowing for a potential Summer of 2022 opening. The entire project will likely be completed in phases, taking approximately four years from start to finish. Estimated …
FROM PAGE 1
ly as this fall, allowing for a potential Summer of 2022 opening. The entire project will likely be completed in phases, taking approximately four years from start to finish.
Estimated wages with benefits from jobs at the completed facility total $64.7 million, Bailey said. Construction jobs with benefits would total $34.3 million. Bailey pegged the capital investment in the community at $213 million.
“They are asking for around $9.2 million in tax increment financing to build the infrastructure in the area, for example a new road (105th Street) on the south end of the project, new turn lanes and access from Ideal and also 100th Street, sewer, water, etc.,” explained Bailey.
With the TIF financing tool, tax dollars generated pay for the infrastructure improvements in the district.
“The city used TIF financing in the past for Kohl’s,Target, Grove Plaza, Norris Square Senior Complex, the Legends Senior Complex and various businesses in our business park. It is a great tool to use to pay for infrastructure so that burden to get those businesses into our community are not borne by the local taxpayers,” said Bailey.
“The ‘mystery’ is only that they cannot state who the end users are going to be,” said Bailey. “They are currently in negotiations with many different users. They have given us businesses that they are working with on similar projects around the United States.”
He said the company noted firms like Chewy.com, Home Depot, Dollar General and Target.
“I have zero concern about what would be going in this proposed development,” said Bailey. “This project is a huge win for Cottage Grove,” said. Bailey. “This project will create good jobs, expand our tax base and add more opportunities for more retail and restaurant options.”