Endeavor Real Estate Group received a thumbs up from the Hutto City Council for a $1.5 million incentive program enabling the developer to build a Sprouts Farmers Market. The Austin Business Journal reports the 23,000-square-foot store would serve as the anchor of a 14-acre development at the northeast corner of State Highway 130 and U.S. Highway 79. Endeavor says the Sprouts store would be part of a $28 million investment it is planning at the site.
The incentive includes $875,000 in grants if pre-agreed-on goals are met.
There would also be a sales tax reimbursement for a portion of the sales tax generated — 50% over the final seven years of 10 years and assuming at least $10 million in annual taxable sales, equating to an estimated $679,000.
The project would bring the city $5.9 million in property taxes over the 10-year agreement period and $1.1 million in sales tax revenue.
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