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Continued: New housing, grocery slated for New Hope

  • Article by: JIM ADAMS , Star Tribune
  • Last update: April 15, 2014 - 3:52 PM

The city will use tax increment financing to recover some of its costs for buying, clearing, and removing contamination from the sites for Compass, Centra and the Hy-Vee grocery, Jacobsen said. He estimated the Compass project financing will include about $700,000 in tax increment money that the city will recover over the years in higher taxes on the improved site. He said Gateways owns its site and hasn’t asked for city assistance.

Jacobsen said the city paid about $300,000 for four lots in the Compass site, $1,750,000 for the Learning Center property, and $4.5 million for the 13-acre former Kmart site, where Hy-Vee hopes to build. The three sites produce no taxes while owned by the city.

Jacobsen said residents have been “somewhat clamoring” for a grocery so they won’t have to drive to supermarkets in surrounding cities. The 90,000-square-foot Hy-Vee store is planned to include a pharmacy, bakery, full restaurant with a patio, a deli and a convenience store/gas station. The Iowa-based company expects to hire about 400 full- and part-time workers for the grocery.

Jacobsen said the city has signed an agreement to negotiate only with Hy-Vee until October.

 

Jim Adams • 612-673-7658

 

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  • Power equipment is demolishing the vacant Winnetka Learning Center to make way for new home construction in New Hope.

  • Hy-Vee grocery holds open house

    What: An open house for the public to see plans for the Hy-Vee grocery store proposed to be built near City Hall

    When/where: 4:30 to 8 p.m. Thursday at City Hall, 4401 Xylon Av. N., New Hope

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