A recent post here asked a deeper question about why would city create a development that doesn't bring in more property tax revenues or other value to the city. After that post, I did some more thinking and research about the Walgreens development in Mound, which I refer to as the "Walgreens Block".
|Former Johns building, where Walgreens Block will be constructed.|
|Property Taxes collected on the Walgreens Block before redevelopment equal $53,000.|
I don't know what the property taxes will be after the Walgreens will be built, so I looked at other businesses on County Roads that seemed similar sized, or the location seems similar. I also sought out a couple other local Walgreens in Hennepin County.
I would welcome a challenge or a better way to look at the financial situations here for the city.
PS - On Oct, 11, I got informed by the city that the Walgreens Development will be a financial boost. Exactly how much is unclear, and I will post an update soon. ~gml4