California company pops $4 mil for a parcel that currently houses Stop 'N Shop
By: Curmudgeon
Relating to a matter much discussed here, the Standard-Examiner has up a story reporting that "A California company that has spent more than $4 million to purchase an Ogden shopping center hopes to attract as many as two anchor stores to the building that currently houses Stop 'N Shop."
The story includes a lot of detail on the company's plans for the shopping plaza, which include attracting another one or two anchor stores, adding three pads for restaurants or retail stores to the existing mix, landscaping the parking lot and more:
Sounds like good news to me for the 12th Street corridor.
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11 comments:
As I read the story I saw no mention of tax incentives or inducements to the developer. No quotes from the Mayor or the city Business department. Is it possible that something is happening that does not involve massive taxpayers risk? New construction that does not demolish existing buildings?
BR:
I noticed that too, about the no public money being involved. Seems wholly private development is legal in The People's Republic of Ogden after all. Whoda thunk it?
Let's hope there's not more to the story on that score.
This whole strip mall, along with a couple buildings to the north along Washington, is in the 12th Street Redevelopment Area, established in 1987. According to the Redevelopment Agency Annual Report, this area generated $134,909 in tax increment revenue for the RDA during FY2010. Of this, $81,687 was used to help make payments on the bonds for the Salomon Center; this is also being done with revenue from nine other redevelopment areas. The rest of the revenue was apparently "collected for RDA administrative and housing purposes." The last year to collect tax increment was to be 2015, but this has been extended to 2022 for the Salomon Center portion only.
It's unclear to me what will happen to the tax increment collection if the value of the property increases during this time. It's also unclear to me whether the city could use any of the existing or additional tax increment revenue to provide incentives to the developer.
Shopko, by the way, is on a separate parcel that's still owned by Shopko. Marley acquired the property housing Stop N Shop and the stuff around it last October.
Is Marley Leisham's dog?
Dan:
Thanks for the Shopko information. I was wondering.
Hope it works out for them and perhaps provides a place for the displaced workers at S&S.
On another note, in the classifieds of the SE there is a "Notice of intention to designate assessment area"...I can't repost it, but its there....seems to be about creating a special assessment area thats appears to be quite a bit of downtown....it also identifies expenditures for promoting economic growth....and basically taxing the properties in this area to pay for it. Can anyone shed a little more light on this?
ND:
SE has a story up about a special assessment area. This what you're talking about? Link here.
That be the one...missed the article...lol..but saw the fine print...also of note...appears that there isa building at BDO for sale ...Building 6D 110,000 SF for $2.5 mil....is that City property or Boyer?....and if it is City...wonder where those buckos will go?....hmmmm
ND:
Damn. Two point five mil? Just out of reach. And I've got some travel on family matters coming up, so no time to organize a sidewalk bake sale to raise the rest. Ah, well. Maybe next time.
We are still waiting for the city council to get some balls and order an independent audit to see just where the money coming into the city goes. Seems the mayor always has a slush fund for his projects to bail them out when they come up short.
How they leased the Junction for less then the bond payments would be a great start. What sweet heart back door deals were made for the kiddy land and gym. Does the city really own all of the equipment in the gym and lease it back to a private business?
Good to hear the 12th and Washington space will still be used for the benefit of the locals. Good luck to them.
I hate city planning.
Shopping should not be located directly on major thoroughfares, let alone on major intersections.
Does anyone really want to buy more stuff? Really? Really.
Does anyone really want a job clerking, selling someone else's stuff?
Ogden has plenty of retail; what it needs are more customers, more people creating wealth through cleverness and sweat, less of the desperate "salesmen economy".
See: you cannot base a real economy entirely around service jobs, and selling crap back and forth to each other.
For me, I would like to see a design and lite-manufacturing plant for high speed rail trains in that spot. Weber County: the Silicone Valley of the new high speed rail industry.
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