(Beaver Dam) There could soon be three retail stores coming to Beaver Dam. Marshalls, Ross Dress For Less and Five Below are in talks with representatives with the Heritage Village Mall. City officials are working on an incentives package that would allow mall developers to prepare the space formerly occupied by the Boston Store for lease to the retailers.
The funding for the incentives would come from Tax Increment Finance District #8, which was established two years ago to prevent the onset of blight, repair roads and parking lots and encourage private development through incentives. TIF #8 encompasses 18 parcels over 86 acres of residential, commercial and industrial zoning in and around the mall with a base value of $6.2-million dollars and a life expectancy of up to 20 years. The TIF is expected to realize $18.2-million dollars in new value over that time, generating $7.1-million in tax increment for the city.
The Beaver Dam Community Development Committee on Wednesday unanimously advanced the incentives packages on to the full common council for consideration. The incentive being offered to the Heritage Village Mall totals $600-thousand dollars over ten years if $3-million dollars is invested to develop the former Boston Store for Marshalls and Ross Dress For Less. If Five Below agrees to a lease deal, mall developers would get up to $800-thousand dollars over ten years to compliment a $4-million dollar infrastructure investment. The incentive would be paid yearly through a forgivable loan if certain benchmarks are achieved.
Trent Campbell, the Vice President of the Beaver Dam Area Development Corporation, says the mall has negotiated ten-year lease agreements with Marshalls and Ross. Campbell told the Community Development Committee Wednesday morning that both sides are working to hammer out the details of the potential lease agreement and mall owners are cautiously optimistic.