Littleton City Council has recently made strides towards transforming the landscape of local commerce with a unanimous vote to greenlight a significant commercial development. The Economic Partnership Incentive Agreement, sanctioned on October 1, paves the way for RIG Mineral, LLC to catalyze the revitalization of the former Lumen Technology site situated at 700 W. Mineral Avenue. This site is set to sprawl across 45 acres, playing host to a spectrum of retail establishments, including two large-scale "anchor" stores, a Costco retail and fuel facility a home improvement retailer, and an ensemble of 10 smaller retail outlets. The agreement involves a share-back of 50% of the sales tax generated by the entire site, with a ceiling of $29.5 million or ten years, according to the City of Littleton.
There is no immediate financial demand placed on the city for this project, as the sales tax revenue share-back extended to the developer is anchored in the success of on-site retailers. An in-depth analysis by Economic & Planning Systems, Inc., cited by the City of Littleton, pinpoints the potential for the site to attract approximately $2.8 million in net sales tax revenue in its inaugural year, with projections soaring above $9 million by its tenth year. Beyond the fiscal merits, the project is foreseen to provide upward of 800 new jobs when it's in full operation. Despite high land acquisition and site work costs, which were about five times the state average for similar projects, city officials and external consultants have deemed the developer's request for a share-back as warranted.
Effort was made to address environmental concerns in the development plan, boasting intentions to plant more than 950 trees for a net gain of 670 trees in the area, and proposing the installation of electric vehicle charging stations throughout the parking facilities. As part of the broader project, 18 acres are earmarked for a multifamily residential development encompassing 370 units, although it is distinct from the incentive agreement since it does not play a role in the generation of sales tax. "The approval of this financial partnership agreement marks a significant step forward for the City of Littleton," Jamie Crout, Economic Development Specialist, detailed, as noted by the City of Littleton, "By incentivizing this development, we will be able to strengthen our tax base, allowing for further investment in city infrastructure, public services, and much more. We are excited for the opportunity to offer new retailers and enhance the overall quality of life for our residents."
Securing this arrangement, RIG Mineral offered comprehensive responses to all eligibility criteria delineated by the city's Economic Partner Incentive Policy, thereby achieving approval for the agreement without hitch. This policy outlines a course for companies aspiring to partner with the city for economic ventures. With this venture, Littleton stands on the brink of profound economic growth, wherein consumer choices will expand and job markets are expected to flourish.
