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Frederick approves public-finance deal and sales-tax rebate to secure Lowe’s as second anchor
Summary
The Town of Frederick approved a public finance agreement, an implementing ordinance and a second amendment to the agreement to support a proposed Lowe's store in Silverstone Marketplace; the incentive package includes a $3 million lump-sum from the metro district plus a dedicated 1.5% sales-tax reimbursement capped at $12.3 million or 20 years (total cap $15.3 million).
The Town of Frederick Board of Trustees approved a package of actions to support a proposed Lowe’s Home Centers store at Silverstone Marketplace, including a public finance agreement, an ordinance to effect sales-tax reimbursement, and a follow-up amendment to expand the public-improvements cap.
Staff told trustees the store is envisioned as a roughly 94,000-square-foot Lowe’s employing about 150 full-time-equivalent workers, with construction expected to start later this summer and to take about a year. The agreement before the board included two incentive components: a one-time lump-sum payment of $3,000,000 from Silverstone Metro District Number 3 delivered upon store completion, and a dedicated 1.5% sales-tax…
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