By TIM LANDIS (tim.landis@sj-r.com)
The State Journal Register
Discussions have just begun with Hy-Vee Corp. about incentives to convert the former Kmart on MacArthur Boulevard to a supermarket, city economic development director Mike Farmer said Thursday. “In the next two or three weeks, they will be in town to sit down with us and go through their proposal,” Farmer told the MacArthur Boulevard Business Association.
Hy-Vee is expected to seek TIF funds to help pay renovation costs. A TIF district allows increased property tax revenue from new development to be invested in road, water and other infrastructure improvements within the district. The first payments into the MacArthur TIF are expected from 2013 property taxes payable in 2014.
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Ward 7. Joe McMenamin, who represents the MacArthur Boulevard corridor, said Hyvee actually hopes to break ground summer 2012. Per company officials, they hope “construction will be well along by Jan 1, 2013.”
Joe McMenamin for Ward 7 