Littleton will provide a $500,000 incentive for the King Soopers at Broadway and Littleton Boulevard to undertake a $20 million renovation and expansion at the current location.
Dillon Companies Inc., owner of King Soopers, is looking to remake the supermarket, and the city is eager to keep the store and its sales-tax revenue. The $500,000 will come through a reduction in development fees and a sales-tax rebate.
The 50 percent break on development fees will amount to $118,681, and the rest of the incentive package would come from letting the store keep 50 percent of sales-tax proceeds from any new revenue generated by the expansion. That arrangement would continue for six years, or until the $500,000 amount is reached.
The renovation would expand the store by taking over more than 27,500 square feet of vacant retail space in the shopping center. King Soopers also plans to improve access to the store to and from Broadway, something several City Council members commented on during the discussion and vote on Sept. 17.
Several residents who attended the meeting spoke against the deal, saying Littleton shouldn’t follow the path of Englewood, which gave a similar rebate deal to King Soopers for renovating a store there.
City Manager Michael Penny said the city is giving up a share of potential tax revenue to help create an economic catalyst in a shopping center that has been identified as being in need of revitalization.
Contact Ramsey Scott at email@example.com or 303-933-2233, ext. 22, and follow him on Twitter @RamseyColumbine.