In a nutshell
Porter Retail, a shopping center being developed by Stafford-based firm Dhanani Private Equity Group, is slated to be built starting this summer or fall, as previously reported. The plaza is expected to house a Little Caesars Pizza, Beans & Brews coffee and other businesses.
EMCID’s agreement will offer Porter Retail a rebate of $0.0025 on the total sales and use tax revenue from businesses located within the plaza each calendar year for 10 years, said Kelley Mattlage, EMCID’s vice president/chief communications officer, via an Aug. 22 email. The agreement was approved by EMCID’s board of directors July 10, but EMCID and Dhanani Group still need to execute the agreement, Mattlage said.
“Incentive agreements are used in various ways to attract various development,” Mattlage said via email. “In a retail/commercial development, the sales tax rebate can be used by the developer to make upgrades, allow for a lower rental rate for tenants, or be given to the tenants as a way to attract a company.”
Porter Retail is planned for 21451 FM 1314, Porter, as previously reported.
The impact
Mattlage said the agreement will benefit residents in multiple ways.
“Retail development brings jobs and additional amenities for residents of East Montgomery County and provides additional revenue to EMCID to use to recruit additional business or provide things like grants to community organizations and [give] scholarships to students," she said.
Other projects
Dhanani Group is also developing a 342-unit apartment complex—named Territory at Porter—near Porter Retail, as previously reported. The apartments, located at 21451 FM 1314, Porter, will not be part of the rebate agreement, Mattlage said.
Dhanani Group did not respond to a request for comment on the EMCID agreement before press time.
