Wednesday, August 13, 2014

Walgreens Property Tax Revenue update

I recently checked the property tax revenue for the Walgreens parcel. Honestly, I wasn't really sure if the numbers I found last winter were going to be final. As someone commented at the time, perhaps the Walgreens number were based on an incomplete structure. I figured time would tell if I was right or wrong.

Just to remind you those old deteriorated buildings (including John's Variety) that were torn down for this "improvement" generated $53,141 in property tax revenue in 2012.

Last year (2013) the revenue generated was a whooping 57,490.90

Total property tax revenue for 2014 for the Walgreens development will be... $53 732.64.

I have always tried to say that there are lots of factors when a city looks any property development or improvement. I understand there are benefits to having this beautiful new building on this busy intersection including...
  • Big brand new drug store
  • Drive though pharmacy
  • Parking lot
  • Beautiful new Dakota Junction restaurant
But let's look at what's been lost at this corner...
  • Smaller drug store (still sitting empty, Walgreens holds the lease)
  • City Looks (recently closed)
  • Christopher and Banks (recently closed)
  • Johns Variety (said he was going to move, but just closed down, Johnny has moved some business to Jubilee)
  • Mama's Happy (demolished, moved out of town)
And after all that... property tax revenue generated on this brand new development is only going to generate $500+ dollars in for the county and city compared to it's predecessor?!

The City of Mound deserves to have it's more valuable land to be much more financially productive than this. Developments like this should be positively impacting the surrounding area... not taking away.

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