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Council approves 10-year sales- and property-tax rebates for Grove Retail project
Summary
Council approved Chapter 380-style incentives for Cadence Development Partners’ Grove Retail project — a preliminary 35-acre retail site at MLK Drive and IH‑10 with a projected $42 million capital investment and anchors including Burlington, Ross and Five Below; staff said site work could start as permits and city signoffs are completed.
City staff and legal advisors described updated incentive agreements for the Grove Retail Project and the council approved motions to adopt revised sales-tax and property-tax rebate terms. City economic-development counsel said the package includes a 10-year EDC sales-tax rebate (a portion of the city’s 0.5% EDC sales tax) and a separate 10‑year property-tax rebate under Chapter 380 terms contingent on final legal review.
Mr. Trahan, who presented the item, said the project resulted from a land assembly of about 35 acres and included a proposed $42,000,000 capital investment with a senior anchor and junior anchors (Burlington, Ross and Five Below) that staff expects will be market-changing for the area. “So in this case…we committed $2,000,000 in terms of infrastructure improvements because of the size of the project,” Trahan said. Council members asked whether inventory and other personal property were included; staff clarified the agreements apply to real and personal property improvements for a 10-year rebate period and that inventory treatment was addressed in the agreement language.
Council approved the motions to accept the updated agreements and directed staff to continue legal review and proceed with permit clearance and site-work steps as conditions are satisfied.
