What is the Economic Incentive Package offered to Wal-Mart to build a Supercenter in Lafayette?
The City of Lafayette proposes the following incentives for this project: $1,613,332 Land acquisition $ 625,000 Stormwater retention $ 97,500 Miscellaneous costs $2,335,832 Total Wal-Mart will incur the total expense up front for the above items. The City will contribute the $2,335,832 towards the land cost over time from the increase in sales tax revenues generated by the new store. Only the sales tax revenues above what the existing store already generates (projected to be $1,150,000 for 2004) will be rebated to Wal-Mart to pay for the incentives. At conservative estimates, the new Lafayette Wal-Mart is expected to produce $1,800,000 in sales tax revenues each year, meaning that there will be a 3.6 year payback period, after which these additional revenues will be available to the General Fund. It is important to note that the portion of the sales tax that is dedicated for the purchase and maintenance of Open Space are exempt from these rebates, so those funds will see an immediate b
