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Developers pitch Cambridge Village to Collegedale, ask city help to fund infrastructure
Summary
Developers seeking to build Cambridge Village — anchored by an Elders Ace Hardware — asked Collegedale commissioners to help finance roughly $2 million (of an estimated $3.5 million) in infrastructure costs through a bond or purchase arrangement backed by future sales tax revenues; developers said they could backstop repayment and expect the project to generate significant tax revenue over 15 years.
Developers behind the Cambridge Village project briefed Collegedale commissioners on Nov. 24 and requested the city’s help to bridge infrastructure costs required to bring an Ace Hardware anchor and other retail to a roughly 14‑acre site across from Cambridge Square.
A presenter for the ownership group said the project would ultimately include about 75,000 square feet of class‑A retail and commercial space and that Ace Hardware plans to relocate and expand into a roughly 24,000‑square‑foot store, which the presenter and Tom Glenn of Elders Ace projected would generate roughly $165,000 a year in local city…
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