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WEDC Director Speaks at TML Conference

PRESS RELEASE

 

For Immediate Release                                                 For More Information Contact:
November 30, 2018                                                       Sam Satterwhite at 972-442-7901

 

WEDC Executive Director Speaks at TML Annual Conference

Wylie, Texas – November 30, 2018 – The Wylie Economic Development Corporation’s Executive Director Sam Satterwhite was recently asked to participate in the “Brick and Mortar Retail is Not Dead, Just Evolving” presentation at the Texas Municipal League’s Annual Conference in Fort Worth, Texas. The presentation was hosted by The Retail Coach, a national retail analytics and locational intelligence firm that specializes in retail market analysis and retail recruitment. 

The Senior Vice President at The Retail Coach, Mr. Aaron Farmer, explored current retail trends and shed light on what can be expected over the next few years. The session also included retail development strategies and guest speakers from both Marble Falls (Mr. Christian Fletcher) and Wylie, Texas. 

Here are a few key takeaways from the Wylie EDC presentation:

 

Woodbridge Crossing, InvenTrust Properties (Chicago, IL)

  • Acquired in February 2008
  • 60+ Acre Development
  • Major Tenants Include: Target, TJ Maxx, Homegoods, Kohl’s, PetSmart, Ross Dress for Less, Dollar Tree, Rack Room, Five Below, Sally Beauty Supply, Cotton Patch, Which Wich, Cowboy Chicken, Rosa’s Tortilla Factory & McAlister’s.
  • Recently announced: Ulta, Sketcher’s, & MOD Pizza.

The Project: Woodbridge Crossing was the second major power center built in Wylie. However, it is one of the most significant from a growth standpoint. The development agreement that the City of Wylie and WEDC crafted ensured that critical infrastructure (i.e. McCreary Road and Springwell Parkway) was constructed. The expansion of McCreary created another North/South thoroughfare that easily connects Sachse, Wylie, Parker & Allen, while Springwell Parkway added a traffic signal and eventual North/South thoroughfare that will connect to the future Hensley Lane extension (between Woodbridge Parkway and McCreary Road). This Public/Private Partnership funded the expansion of both roads, multiple traffic signals and all other public infrastructure without the City of Wylie having to budget for the improvements at a later date.

Structuring the Deal: A 380 Agreement (Sales Tax Reimbursement program) was created to reimburse the developer for their investment in Wylie. While it’s true that the City is foregoing a portion of the sales tax collections, the City receives 2/3 of all taxes generated on-site with 1/3 going back to the developer for the reimbursement of public infrastructure. 100% of the property taxes generated from the development are realized and were not part of the agreement.

Although the City & WEDC will end up reimbursing $6MM to the developer, the City of Wylie has received $10 Million in Sales Tax and $4.7 Million in Property Taxes from this investment to date. Once the agreement is complete, Woodbridge Crossing is expected to generate more than $1.5 Million per year in tax revenue to the City of Wylie. With projected sales and nearly $75 Million in taxable value, the ten-year projection through 2029 will yield more than $25 Million to the City.

Before

After

Woodbridge Centre, Clark Street Real Estate (Chicago, IL)

  • Acquired in February 2012
  • 25 Acre Development
  • Major Tenants Include: Kroger Marketplace, Starbucks, Credit Union of Texas, Pet Supplies Plus, IHOP, Subway, Papa John’s, SportClips and The Rock Wood Fired Kitchen.
  • Recently Announced: Burgerim Gourmet Burgers

The Project: The development agreement crafted between the City of Wylie, City of Sachse, Collin County, and WEDC enabled the extension of Woodbridge Parkway (FM 1378 south of FM 544) all the way to Hwy 78. The expansion created a major North/South thoroughfare that allows connectivity between Sachse, Wylie, Lucas, Allen & McKinney. This Public/Private Partnership funded the expansion of the road which accelerated commercial activity in Wylie and Sachse at an exponential rate.

Structuring the Deal: The WEDC choose to utilize a Sales Tax Reimbursement program for this project. The City immediately started receiving 75% of the sales tax generated from the center. The other 25% of sales tax was refunded back to the developer to offset their overall infrastructure costs. Additionally, 100% of the property taxes that are generated from the center are realized and were not part of the agreement.

Under the terms of the agreement, the WEDC will end up repaying $1.1 Million to the developer. However, the City will receive over $4 Million in Sales Tax and $2.2 Million in Property Taxes from this investment. Once the term of the agreement is complete, Woodbridge Centre will generate more than $750,000 per year in tax revenue to the City of Wylie. With projected sales and nearly $40 Million in taxable value, the ten-year projection yields more than $10 Million to the City.

Before

After

Redevelopment

Hwy 78 Pads

In 2016 the WEDC completed a strategic plan 9 years in the making with the purchase and demolition of multiple tracts near Hwy 78 and Cooper Drive.  This redevelopment project created a contiguous 5-acre tract which was immediately marketed for new commercial uses. 

The first pad, a 1.53-acre tract located at the corner of Hwy 78 and Cooper Dr. was sold in 2017. Chick-Fil-A completed construction in early 2018.  The second pad, a 1.569 acre tract was sold to a developer that plans to build a 10,000 SF multi-tenant building. The new retail space includes a Schlotzsky’s Austin Eatery, dentist, hair salon and 3,500 SF of Restaurant Space. The restaurant end-cap and remaining 1.4 acre pad site are still available.

Cooper Extension - Before 

Cooper Extension - After

Hwy 78 Pad Sites - Before

Hwy 78 Pad Sites - After

544 Gateway Property

In coordination with the City, the WEDC assisted with the cleanup and Ready-for-Reuse status for the EPA Superfund site located near the intersection of Commerce and FM 544.  In May 2016, with the site now owned by the City of Wylie, the EPA officially released the property for reuse and the existing structure was demolished.

In December of 2016, the adjoining 4.79-acre tract to the west was purchased by the WEDC from Dallas Whirlpools, LLC.  This acquisition connected the City’s property and a 2.67-acre tract on Commerce Street owned by the WEDC creating approximately 12 contiguous acres which is being marketed for redevelopment.  While staff is currently in negotiations with two businesses to purchase pad sites fronting 544, a concept plan is currently being developed between City and WEDC staff for the utilization of the remaining 10 acres to the north.  While the ultimate design/use of the remaining 10 acres is unknown, it is probable that multiple office buildings will be the most marketable option.

Due to potential contaminants from prior owners, the above mention properties were enrolled in the Voluntary Clean-Up Program (VCP) through the TCEQ.  Enrolling in the VCP will facilitate more rapid development of the property.

Before

Future Possibilities

The entire WEDC presentation can be found here

 

About The Retail Coach

The Retail Coach, LLC, is a national retail analytics and locational intelligence firm that specializes in all aspects of retail market analyses and recruitment, from “macro to micro” trade area assessment to actively recruiting retailers on behalf of our clients.

Through its unique Retail:360 process, The Retail Coach offers a dynamic system of products and services that better enable communities to maximize their retail development potential.

 

About the Wylie Economic Development Corporation

The Wylie Economic Development Corporation (WEDC) is funded through a citywide half-cent sales tax that is impacted/funded via the 220,000 consumers in our retail trade area. The WEDC facilitates corporate relocations, local expansions of existing businesses, retail/commercial development and revitalization projects that lead to the creation of new jobs and the generation of additional tax revenue for the community.

For more information, visit www.WylieEDC.com.