Representatives of D.J. Christie this morning presented plans of their proposed development at a special meeting of the Regional Development Association.
Tom Thoreson of D.J. Christie and Chase Simmons, Christie’s legal representative, outlined the proposal for the project, to be located on 39 acres of land northeast of 24th Avenue and Industrial Road and to include a Lowe’s home-improvement store, several smaller retailers and perhaps two restaurants.
The developers are in the process of applying for the creation of a Tax Increment Financing (TIF) district and a Transportation Development District (TDD) in addition to the creation of a redevelopment district in the form of a Planned Unit Development (PUD).
According to Thoreson, Lowe’s is committed to opening a store at the site if it can be delivered within the parameters of the company’s requirements, and the developers are talking to at least one more retailer who is interested but hasn’t fully committed yet.
“We’ve had preliminary conversations with a restaurant but nothing is definite yet. It’s too early in the process,” Thoreson said. The development is to include four spots for smaller businesses, such as restaurants or clothing retailers. “The junior box stores want to know that an anchor is secured. They won’t commit until the anchor does,” Thoreson said.
The developers also addressed neighborhood concerns the project will face.
“There will be improvements to the intersection at 24th and Industrial,” Thoreson said, including widening 24th into three lanes and placing traffic lights at the intersection. “A traffic study will have to be conducted, and the results will confirm the planned improvements.” In addition, the crosswalk on 24th Avenue just east of the proposed site will be enhanced, Thoreson said.
There are also concerns about lighting at the site.
“We will do a photometric study,” Thoreson said, and will look at arranging lighting so that it is focused down onto the property and not spread out.
Simmons addressed the funding issues involved. With the creation of a TIF district, future tax revenues created by the project will be directed back to pay for site expenses and improvements. The TIF will be scheduled to exist for 20 years, but Simmons said those funds are typically paid off in a shorter time.
The TDD is a self-imposed one percent sales tax to pay for infrastructure and improvements. The tax will apply only to those businesses in the redevelopment district.
Phase I of the development is projected to cost $6.4 million. The creation of the TIF/TDD will net $5.3 million, with the difference to be covered by temporary notes. These notes are to be secured and paid back by revenues, and are set up to have no risk to the city, Simmons said.
“The temporary notes are secured by the project, such as a mortgage or lien, and typically are paid back in one to three years,” Simmons said. “When looking at these projections, we are including a coverage ratio of 25 to 40 percent, so even if the development is 25 percent less successful it can still come up with the numbers.” In addition, 10 percent of the revenues will go into a reserve fund “to help in case there are some rough years.”
“Because of all these redundant coverages the bonds will be paid off within 20 years,” Simmons said. “We look at about the 12 to 13 year mark for the principal to match up with the reserve funds.”
Thoreson explained the project’s potential benefit to the city.
“This will qualify Emporia as a more sustainable market as far as retail potential,” he said. “This will help expand the tax base and bring more retailers to the market. ... When businesses look at a community they want to know, is there a Wal-Mart? Is there a Lowe’s?”
The board voted unanimously to recommend that the city commission set a public hearing on the development. That recommendation will be made at the commission’s regular meeting on Sept. 3.
Comments
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Posted by dhcc66 (anonymous) on August 29, 2008 at 1:54 p.m. (Suggest removal)
it's still in the WRONG place. it's too crowded and just WAIT til xmas shopping season...have fun trying to drive anywhere near 15th to 24th on industrial road....
don't get me wrong i want the lowes....just not at that exact spot. why not out west or far east?
Posted by orlando (anonymous) on August 29, 2008 at 2:09 p.m. (Suggest removal)
I am wondering about the post by the person saying Christie is bad for the town. I haven't been able to get any info from the site that blogger mentioned. Could the gazette or someone get that info?
Posted by gogreen (anonymous) on August 29, 2008 at 2:17 p.m. (Suggest removal)
I think we need a Target. Give Walmart a run for it's money!
Posted by rox_alan (anonymous) on August 29, 2008 at 5:44 p.m. (Suggest removal)
Unfortunely Target will probably never come to Emporia cause we aren't large enough demographic for them. Same with Red Lobster, Olive Garden and some other name resturants. So if we want quality food we still will have to drive to Topeka or Wichita or Kansas City for the finer foods. And if memory serves me correctly I believe Lowe's is a branch off of Walmart anyway so it was just a matter of time before they came into Emporia. Just hope that they don't drive out our other Home Improvements stores that has been here for a long time.
Posted by dhcc66 (anonymous) on August 29, 2008 at 6:56 p.m. (Suggest removal)
target also won't come here because we chased them away years ago....then a few years later, when somebody DID want a target, the chain told emporia they weren't interested. keep in mind folks, we are only 26,000 with an economic draw of around 40,000 shoppers.
Posted by hogan77 (anonymous) on August 30, 2008 at 1:41 a.m. (Suggest removal)
rox_alan: Don't sell Emporia short. You think you will never get an Olive Garden, because you aren't large enough. I live out by Dodge city, they are the same size as Emporia, and they are getting an Olive Garden in the very near future.
Emporia can bounce back from all the negativity that has surrounded them in the past few years. People just need to open up their imaginations a little more. You want more people to come shop there, so you can have more business, therefore providing more employment. Well, you have done a good job improving downtown Emporia, and the Northwest corner is growing. But how about the eastern side of town? Perhaps a little more elbow grease, make some of those empty buildings look more promising, you could get travelers off of I35. Try bringing in more things that appeal to families. Sure, you have a Putt Putt, a run down roller rink (if it is still open), a few museums, and some very nice parks. Not all families are interested in museums or parks, no matter how nice the art and history scene is. Do a little more with the zoo, there is room to expand and make it a little more appealing. Perhaps in the parks you could do like Wichita has.. in Old Town there is a water display that the kids love to play in. Do more festivals, things that people will drive to attend. Maybe someone would consider a hands on science center, similar to Exploration Place or the Cosmosphere.
You just have to open your minds, and hopefully, things will start to do a turn around for Emporia.
Posted by create (anonymous) on August 30, 2008 at 7:25 a.m. (Suggest removal)
Yes, do more festivals. What ever happened to the Twin Rivers Festival of yore? That was a huge draw. Suddenly it was gone. Management problems? I don't remember, but I do remember the large crowds, terrific food booths, and interesting arts and crafts.
Posted by momus (anonymous) on August 30, 2008 at 8:23 a.m. (Suggest removal)
Twin River’s died simply because of volunteer burnout. It's takes a TON of time, effort and money to put on a big festival and coordinate the events. I have high hopes for the Great American Market one day ascending to the level of the Twin Rivers, but these things take time.
As for the earlier post concerning Dodge City getting an Olive Garden, I think you might want to check your source on that one. They are hoping a new Ford county casino brings in more people and dining options, but the people I know from that area in economic development haven't said a thing to me concerning an Olive Garden. I can tell you that Manhattan (which has a trade area close to five times larger than Emporia's) has tried to recruit an Olive Garden for the last four years without success, so the prospect of DC landing one seems unlikely. I do agree with your assessment that we need to continue to REdevelop parts of the community though...
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