Commission takes action for Price Chopper project
When they met this week, Leavenworth city commissioners took a series of actions related to the planned redevelopment project of the local Price Chopper store.
Commissioners also took actions related to a commercial development project on Metropolitan Avenue.
During Tuesday’s meeting, commissioners approved a redevelopment agreement with Super Market Developers for the planned renovation of the Price Chopper store, 2107 S. Fourth St.
Commissioners also reached a consensus to advance ordinances for the adoption of a redevelopment project plan and the creation of a community improvement district for the store. They will take final votes on these ordinances Nov. 10.
Joel Riggs, a representative of Super Market Developers, and real estate attorney Pete Heaven discussed plans for the $12.3 million renovations to the Price Chopper store during the meeting.
“We are completing renovating the interior of the store,” Riggs said.
He said improvements also will be made to the exterior of the building as well as the parking lot.
“The exterior of the building will look completely different,” he said.
Heaven said the store will remain open during the renovations, which should be completed by April.
“When we’re finished, it’s going to be one of our flagship stores,” Heaven said.
The city is offering financial incentives for the project through tax increment financing and the establishment of the community improvement district.
Tax increment financing allows increases in property taxes within a redevelopment district to be used to reimburse a developer.
A community improvement district allows an additional sales tax to be used to pay for development-related costs. For the Price Chopper project, a CID sales tax of 0.4% is being proposed for the store.
Leavenworth City Manager Paul Kramer said no city debt will be incurred for the financial incentives. He said revenue for the incentives will be generated by the project itself. He said the financing for the incentives will be “pay as you go.”
Kramer said the development agreement caps the CID sales tax revenue at $1.56 million. The agreement caps the TIF revenue at $2.55 million.
Commissioners also reached a consensus to advance an ordinance for the issuance of industrial revenue bonds for the project. Kramer said this would allow the developer to utilize the city’s sales tax exemption for the purchase of eligible materials for the project.
Also Tuesday, commissioners took actions related to the Fort Gate Marketplace development on Metropolitan Avenue. This included a final approval of an ordinance that vacates Sixth Street between Metropolitan and Cheyenne Street.