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Council approves first reading of incentive package for Restaurant Depot store in Interpark
Summary
Broomfield approved on first reading a business incentive agreement offering up to $1.1 million over five years to attract a 54,000-square-foot Restaurant Depot wholesale store, a project staff estimates will generate roughly $11.4 million in tax revenue over five years and create at least 50 jobs.
The City and County of Broomfield on April 8 approved on first reading an incentive agreement with Restaurant Depot LLC to support construction of a 54,000-square-foot wholesale food store west of Interlocken (West of Main between 100th and 112th Avenues). The agreement offers a performance-based reimbursement up to $1,100,000 over five years tied to sales and use tax receipts.
Economic Development Manager Jeff Schreyer told council the developer projects at least 50 on-site jobs at average hourly wages around $19 and a capital investment of about $5 million. Staff estimated a net positive fiscal benefit of roughly $11.4 million over five years, with about $9.4 million coming from sales and use taxes. Because the site lies within the original Interpark urban renewal area, staff said the new revenues would accelerate payoff on a prior Interpark support commitment and that combined obligations would total roughly $2.1 million; with that structure, staff estimated a roughly 5.4:1 return on local investment over five years.
Council discussed whether the average wage level aligns with broader economic development goals to attract higher-wage employment. Schreyer and council members noted the city needs a mix of employment types; staff said management and supervisory positions at the facility would pay above entry-level rates, and the site would provide jobs across skill levels.
Council voted unanimously to approve ordinance 2,257 on first reading to authorize the incentive agreement; the agreement is performance based so reimbursement depends on actual sales and use tax generated and reported to the city.
