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Council previews development agreement for proposed West End Ace Hardware
Summary
Staff previewed a development agreement for an Ace Hardware on East Ridge's West End, telling council the industrial development board recommended it unanimously and estimating roughly $8 million in projected annual sales.
City staff briefed the council on a proposed development agreement for an Ace Hardware store planned for the West End of East Ridge, saying the Industrial Development Board (IDB) had unanimously recommended the project.
Attorney Lipsford told the council the developer projects around $8,000,000 in sales and that the IDB recommended an arrangement in which the developer would retain roughly 80% of certain board‑region revenues until the developer's return is met, with the city receiving 100% thereafter through 2047. "They're projecting around 8,000,000 in sales," Lipsford said while previewing the agreement that will come back to council on Sept. 10 for consideration.
Staff pledged to circulate the formal development agreement in the agenda packet prior to the Sept. 10 meeting. Council members asked for the contract package to be provided early to allow review; staff said they would distribute the materials and noted the IDB vote was unanimous.
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