LeClaire is a step closer to landing a new full-service grocery store.
Fareway Stores, a Boone, Iowa-based chain, appear ready to move into the former Slagle Foods grocery store at 1301 Eagle Ridge Road next year.
During its Committee-of-the-Whole meeting Monday, April 18, the LeClaire City Council began discussions on granting Tax Increment Financing (TIF) assistance for the grocer.
If plans move forward as expected, a TIF agreement could be approved this summer by the council, and interior renovations could begin at the end of the year. The new Fareway will be open in 2023.
LeClaire Mayor Dennis Gerard and council members collectively said they are excited to see a new grocery store move to town. A crowd of nearly 20 people attending the meeting Monday night at LeClaire City Hall cheered when Mr. Gerard announced Fareway’s plans.
The issue is expected to be back on the May 2 council meeting agenda.
The TIF request was made by Steve Geifman, managing partner for GRT QC Properties, to redevelop the vacant grocery store at 1301 Eagle Ridge Road shopping center.
Slagle’s closed its location at that site in 2019 after serving the community since 1965.
Here are some of the project details, according to city council documents:
- Construction is expected to begin this year and be complete in 2023. The project is described as a “full remodel and reconstruction of grocery space.”
- The overall project will represent a more than $4 million investment and employ about 60 people. There will be about 15 full-time employees.
- The project will include a full remodel of the existing grocery store space and a full exterior facade improvement.
- The current taxable value of the property is about $1.28 million. The GRT QC Properties group is requesting a 15-year TIF grant of 80% of the tax increment from the new taxes generated by the improvements made to the property. It also requests an additional $400,000 grant from the city to be paid out over an undetermined period.
- The city’s finance committee is recommending preliminary approval of the project. It also urges the council to consider using Automated Traffic Enforcement camera funds to meet the non-TIF grant request.