Bass Pro building 'mega-stores' with taxpayer money

[BlackSilver]

Blows my mind how many people fail to notice that more/bigger employers means more paychecks.

If the gubbermint can lure employers to town, then we have more employment, more money to spend at OTHER businesses (who will hire more employees), etc. Tax revenue rises, better schools and highways get built. More people move to town, home values rise, more businesses see an opportunity for sales and move to town. More people get hired........

That food chain STARTS only when an employer says "we'll build here", and more often than not it's because they were offered incentive to come to town (or stay in town).

[Leinie]

Works great. Our city lured two giant grocery chains and a big box home store and guess what- Three Grocery stores, two hardware stores and two lumber yards were out of business within 3 years. Those buildings are still empty.

[VernH]

Originally Posted by Chode2235

http://www.bloomberg.com/news/2013-0...taxpayers.html



... Bass Pro and its closest competitor, Sidney, Nebraska-based Cabela’s, received or were promised more than $2.2 billion from taxpayers over the prior 15 years. ...

Those are expensive Rapalas.

I would guess that bloomberg ran that specific article due to their hate of companies that sell firearms. I know from personal experience in my town that Target Corp gets huge "indirect" public subsidies when they build their stores.

Like St. Paul, MN has never given away public money to "help" business? How about their infamous Port Authority? A lot of their business subsidies have failed over the years.

How many of the BPS or Cabelas have gone under?

The Rogers MN Cabelas store was given TIF financing, it was used to build infrastructure (roads, extending sewer/water pipes, etc.) not the store. Other business also benefitted from the upgrades. Took three years to pay it off as I recall. I calculated my total cost was about $250 during those three years (I live in the school district the covers that area. In my case, I easily saved that in not driving to Owatonna.) Now the increased property taxes on the building goes to the school district.

Certain tax subsidies do pay off if they are handled cautiously. Half a Billion Dollars to already failing Solar companies is not cautious and didn't pay off.

[Nimstug]

Here what Cabelas / Hoffman got in '07 per a story in the Chicago Tribune.

...the 185,000-square-foot store is expected to draw 4 million.... (They have cut the sales area about 50% 4 -5 years ago by elimiminating sales / restaurant on the second level. Draw 4 million? That's more than the Cubs and Soxs combined and maybe the 'Hawks too. Average woould be almost 11,000 a day for 365)

Hoffman Estates expects to receive at least $2 million annually in taxes, after the retailer takes advantage of all the financial incentives...

...local sales and home-rule taxes will bring in about $1.84 million annually, and village's food and beverage tax is expected to generate another $46,000 a year... (No longer food and beverage sales)

... will receive a rebate of up to $18 million in sales tax revenues...over the next decade, depending on how successful the store is. ...Cabela's was criticized by some competitors, who objected to the company's widespread use of local and state subsidies ...

Because Cabela's is in an economic development area, the village will receive only about $53,000 annually in property taxes until 2013, when it will receive the full $176,491,....

The store will employ about 400 people... (I don't know if that is true, espcially since they cut the sales floor area in half. Most jobs are typical part time retail minimum wage or slightly above.)

I shop there ocassionally, but use the catalog more. It goes to the same pile of money.

A great article about TIF's:

http://reason.com/archives/2006/01/0...store-to-get-a

[fourize]

Wish I had bought a few hundred shares of Cabela's stock about 30 years ago.