A proposed economic development agreement for a new retail establishment sailed through its first hurdle during the Carroll City Council’s April 27 meeting. According to the proposed development agreement, the developer, Thirty Love LLC, will build an approximately 25,000-square-foot retail store in the Westfield Urban Renewal Area on the west side of Carroll, representing an investment of at least $7.2 million. In exchange, the developers will receive $250,000 per year for 10 years in economic development assistance and incentives. City Manager Aaron Kooiker says the city’s investment will be repaid through an often-underutilized form of tax increment financing (TIF) that centers on sales taxes rather than property taxes.
Sales TIF functions on the same premise as property TIF. Officials will establish a baseline for sales tax revenues in the district, and any additional sales tax collected above the baseline following the completion of the retail store will be collected solely by the city to repay the Local Option Sales Tax (LOST) investment. Other taxing entities that benefit from LOST revenues will continue to receive disbursements at the same levels as before. The Carroll City Council voted unanimously to approve the amendment to the Westfield Urban Renewal Area to include the proposed retail store on Kittyhawk Avenue east of Taco Bell and to schedule a public hearing on the development agreement for the council’s May 26 meeting. If approved after the next public hearing, the new commercial retail location would be constructed by May 1, 2027, and leased by MarMaxx, the parent company of Marshalls and T.J. Maxx. The site, when operational, is expected to employ at least 20 full-time equivalent employees.
