Mayor Travis Mitchell said Sprouts had been one of the most requested grocers in conversations with the community.
"We are happy to partner with them as an anchor tenant in the new Brick and Mortar [District] location," Mitchell said.
The details
The store would be 23,000 square feet and would be located on the northwest corner of FM 1626 and Kohlers Crossing, according to agenda documents. In addition to the supermarket, the developer, GBT Realty Corporation, would also construct three retail buildings totaling 40,000 square feet.
According to city of Kyle agenda documents, the boutique grocer would serve as a “catalyst” for the district, and the requested incentive would elevate the project to a high standard of development expected in the Brick and Mortar District.
The cost
GBT Realty would receive 50% property and sales tax rebates for five years as part of the deal. A tax rebate is a reimbursement made to a taxpayer for any excess amount paid in taxes.
An additional grant payment would also be offered contingent upon agreement and approval by council and staff on elevations; however, the total incentive package would not exceed $650,000.
Next steps
City staff will work with the developer to bring back a development agreement at its meeting Sept. 19.
