By John Dobberstein, Editor
The Damaged Arrow Metropolis Council authorized an economic development agreement Tuesday that requires a brand new retail middle to be constructed on town’s northeast facet.
The $14 million Retailers at Tiger Crossing improvement is proposed for the northeast nook of 61st Road and County Line Street. The developer, Bhow Capital, stated the 17.6-acre retail mission goals to, “improve town’s financial development” within the space north of Damaged Arrow Excessive College.
The mission is predicted to create roughly 200 building jobs and 125 full-time jobs upon completion, in addition to generate about $525,000 in annual advert valorem taxes and $2.5 million in annual gross sales tax income.
Town and the Damaged Arrow Financial Improvement Authority agreed to supply the developer as much as $2 million in gross sales tax rebates over 20 years by the use of a gross sales tax rebate. The rebate will probably be break up, with $0.32 per greenback going to the developer and $0.68 per greenback — an estimated $6.7 million — going again to town.
The EDA additionally plans to reimburse the developer for 600 linear ft of sidewalk building alongside County Line Street.
The settlement requires Tulsa-based BHow Capital to construct 7 pad websites for industrial retail, restaurant or service-oriented companies.
The location will encompass two foremost improvement zones, a 10-acre tract bordering the arterial streets will probably be utilized for industrial improvement and the remaining 8 acres will probably be reserved for residential and/or gentle workplace use. The developer is identical agency that developed the Tiger Hill mission a number of years in the past.
Neal Bhow, proprietor of Bhow Capital, stated his agency has acquired the undeveloped property over the past 2 years, and the mission has gone by way of a number of “design iterations”
Shawn Bhow, vp of Bhow Capital, stated the agency has letters of intent for about 50% of the 13,000 sq. ft of retail that it’s constructing out, which features a specialty beverage consumer, specialty meals consumer and a nail salon.
The developer agrees to assemble a minimal of 25,000 sq. ft of business retail or service companies by Could 2030.
