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Thornton Council approves $15 million incentive for retail development at 140th and Quebec
Summary
The City Council unanimously approved a sales-and-use tax sharing agreement that could return up to $15 million to KRF 4 70 LLC to help build a mixed-use regional retail center anchored by a home-improvement store at 140th Avenue and Quebec Street.
Thornton City Council on Monday approved a 10-year sales-and-use tax sharing agreement that could return up to $15 million to developer KRF 4 70 LLC to support infrastructure and tenant recruitment for a proposed regional retail center at the northwest corner of 140th Avenue and Quebec Street.
Julie Jacoby, deputy director of economic development, told the council the Colorado-based developer (Kentro Group) is under contract to buy about 72 acres at the site and plans a mixed-use project with a home-improvement anchor, another big-box retailer, hotel, multifamily, and pad sites. Jacoby said staff’s recommended incentive is a 50% share-back of city sales and use tax for up to 10 years, capped at $15 million; the package would release $5 million for each of two anchors and the remaining $5…
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