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GRAND RAPIDS, Neb. -- Owners of the new Casey’s General convenience store to be built at Five Points intersection are asking for tax-increment financing help, according to TheIndependent.com.
The company wants $383,459 in property taxes paid out over 15 years to help pay for its new 3,950-square-foot convenience store, as well as the moving of a water line to accommodate the store, the report stated. The $1.4 million new store is to be built on four properties, and Casey’s request will go to the Community Redevelopment Authority Wednesday at Grand Island City Hall.
"The project includes demolition of the existing Casey’s store and construction of a new, much larger facility on the Snyder property lying to the south, with improvements that also incorporate the current Casey’s store site," Eli Wirtz, the corporate attorney for Casey’s, said in the report.
The new store is expected to generate about $29,000 a year in property taxes -- about $25,500 of which could be redirected annually to help pay for the improvement costs, the report stated. Casey’s would continue to pay the same level of property tax it pays on the value of the old, unimproved store.
In other Casey’s news, the convenience chain saw same-store gas gallons sold rise 5.7 percent in December 2008 compared to the same month a year-prior, according to a Form 8-K filed with the Securities and Exchange Commission (SEC) and cited by StreetInsider.com. While gas gallons increased, margins were below the firm's fiscal 2009 goal of 10.8 cents per gallon.
Meanwhile, same-store sales of grocery and other merchandise increased 6.8 percent, and prepared food and fountain same-store sales increased 8.1 percent in December 2008 compared to December 2007, the report stated.