By Mike Sunnucks | Rose Law Group Reporter
The city of Buckeye has approved an economic development deal to help bring a $75 million distribution center and as many as 300 jobs to the West Valley.
Discount retailer Five Below Inc. and Scannell Properties are developing a new distribution center at Durango and Miller Roads.
The Buckeye City Council approved an economic development and incentives deal with the Five Below and Scannell. It includes reimbursing 49 percent of construction sales taxes up to $490,049 to help with the costs of infrastructure improvements for the development. That includes widening of Miller Road.
The city could also reimburse Five Below up to $750,000 in building permits and plan fees related to the development as well as up to $925,000 for construction of a new regional water line to serve the project and the surrounding area.
Buckeye expects the Five Below facility to generate $5.84 million in tax revenue over its first 10 years in operations. The city expects its proposed assistance for the project to total $1.24 million. That figure is for the construction tax and permit fees reimbursements Five Below could receive.
Five Below is based in Philadelphia. Its discount stores offer items for $10 and below.
