Luke_Wilbur Posted October 17, 2005 Report Share Posted October 17, 2005 The new retail will consist of Marshalls (39,375 square feet) and Staples (20,000 square feet). An additional 17,500 square feet will be divided between three to four additional retail stores including Rainbow Kids, Downtown Locker Room and Dress Barn. These stores will occupy the site formerly slated for KMART and become a part of the Home Depot and Giant store complex located on Brentwood Road and Rhode Island Avenue, NE in Ward 5. It is projected that the new retail will generate approximately $14,979,938 in new sales, payroll, and business tax revenue over a ten-year period, $593,848 in sales tax on construction materials for years 1 and 2, and $1.2 million in real estate taxes for years 7, 8, 9 and 10. This is a grand total of new revenue for the District of Columbia in the amount of $16,773,786 for the ten-year period. The construction and lease-up of the commercial center will also create an estimated 250 new jobs in the District. Councilmembers Orange and Jack Evans (D-Ward 2) recently introduced emergency legislation on July 6th that created a six-year real property tax exemption for the site, which cemented the deal for this Ward 5 development. CM Orange stated "By foregoing approximately $177,000 in annual real estate tax revenue for six years, the District will receive approximately $1.2 million in new sales tax revenue and additional revenues in payroll and other business tax revenue.” CM Orange states, "This is another victory for teamwork and the District of Columbia. This is a great investment for the nation’s capital and will provide outstanding benefits to our community." CM Orange has been working diligently with Rick Walker and Scott Nordheimer; and a team of dedicated community leaders and government officials to bring this project to fruition. Quote Link to comment Share on other sites More sharing options...
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