Whether it’s a principal leaving a school, or a big box leaving a City, change brings opportunity. The city will experience some lost sales tax revenue when Wal-Mart leaves the City on July 7th, but new opportunities will come forth for the Applewood Shopping Center. The Regency Group is a smart group of investors and they will be looking for new tenants asap. Now is not the time to panic.
Much like the July/2009 storm, the May/2017 hail storm is generating strong economic activity in Wheat Ridge and along the front range. While it’s very fortunate that no one was injured or killed, Wheat Ridge is going to realize non-budgeted additional revenue. For example, the building permit fee for repairs on my house was $384, and my house is an average house size in Wheat Ridge. Staff is estimating 6000 building permits, or more, will be issued within the year. So, $384 X 6000 = $2,304,000. As you may know, commercial permits are going to be much higher dollar amounts, which will generate even higher permit fees. Yes, there will be some costs of doing business such as another permit tech and four additional contract inspectors, but that cost will not be even close to the revenue generated.
*Additionally, I do encourage City Council to amend the 2017 budget and supplement the Wheat Ridge Business District (WRBD) an additional $100,000 for matching grants for commercial property owners to repair their buildings above and beyond the normal repairs, such as facade improvements (much like the commercial area around 52nd and Wadsworth). Remember, these are matching grants, so $100,000 generates $200,000 or more in additional improvements to the building.
*UPDATE: Grant Program was approved by City Council at $50,000.
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