FURA Approves Redevelopment &
During their meeting on Wednesday, March 16, 2022, the Firestone Urban Renewal Authority approved a negotiated redevelopment and reimbursement agreement. The agreement will reimburse a portion of tax increment revenue to the developers TSG Del Camino Junction, LLC, for two parcels located along the north side of Firestone Boulevard, east of E. I-25 Frontage Road, known as the Del Camino Junction, that are located within the Northern Firestone Urban Renewal Area.
Del Camino Junction is a proposed 33 acre retail shopping center that is anticipated to include up to 12 outparcels facing Firestone Blvd, occupied by retailers, restaurants, and service users. Additionally, a 12-acre parcel south of Union Street, west of Arbor, is anticipated to be operated by a large commercial "anchor(s)" and retail/restaurant uses comprising +/- 125,000sf.
Highlights of the agreement include:
The maximum reimbursement amount shall not exceed $6.5 million of available tax increment revenues from a portion of property tax generated by the development, nor extend beyond the remaining term of the Northern Firestone Urban Renewal Area, whichever occurs first.
No more than 2 pad sites may have a single non-sales tax-generating user and any multi-tenant building shall have at least one sales tax-generating user during its initial occupancy.
This is a performance-based agreement that requires the developer to reach milestones in order to obtain levels of reimbursement of property tax increment, including generating sales tax for Firestone.
The next steps for the project will include the developer applying for the subdivision of the properties followed by final development plans for individual lots. The Town of Firestone will be working in conjunction with the developer to promote the property, specifically at the International Council of Shopping Centers convention scheduled for May, where retailers from all over the world gather each year. It is anticipated that tenant announcements will begin later in the year.