A recently announced planned Bass Pro Shops and mixed-use development could bring millions of dollars in new taxable sales and spur additional development in midtown College Station, as city officials outlined proposed agreements and incentives Sept. 10.
The overview
As previously reported by Community Impact, Bass Pro Shops' 20th location was announced at the Aug. 27 meeting by College Station Mayor John Nichols. The city also sold 14 acres to the Corinth Group for mixed-use retail, restaurants and events.
According to Chief Development Officer Michael Ostrowski, the 98,000-square-foot store on a 14-acre lot will likely receive contributions and tax reimbursement from the city, provided the businesses can meet certain criteria.
Breaking it down
“Bass Pro guarantees that there will be $20 million in locally taxable sales coming out of this facility,” Ostrowski said. “In return, we would provide them a sales tax reimbursement of 60% over a 10-year period. It will start at 80%, but will hover around 60% throughout 10 years. They are also potentially seeking an incentive with Brazos County.”
Ostrowski said he estimates the city will receive $10.9 million from the land sale and provide Bass Pro Shops with $3.7 million in incentives for operations reimbursement and building fees. He also said he views Bass Pro as a reason to visit the midtown area and believes it will attract tourists and locals to help grow the economic value of the area.
“Bass Pro is a destination. I anticipate some significant and additional development around here,” Ostrowski said. “You really are starting to get some energy in this district. The Midtown area is really getting going with developments.”
What the council is saying
Council members Mark Smith, Melissa McIlhaney and David White shared their enthusiasm about the development for the area, with White adding his excitement about the Midtown district taking shape.
Council member Bob Yancy said the land deal has been in the works during his entire tenure as a council member and said he was glad it is close to becoming a reality.
“I say this is a great deal for the taxpayers financially and quality-of-life-wise,” Yancy said.
Mayor Pro Tem William Wright called the deal a “slam dunk," expressing his interest in moving forward with the agreements.
Going forward
According to agenda material, the council is set to formally review and take action on the agreements on Sept. 24. Bass Pro and the Corinth Group will then have 180 days to review the terms and elect to agree or disagree.
