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August 20, 2014, 3:48 am
970 WMAY News

Aldermen Will Consider $3.5 Million TIF for Hy-Vee on MacArthur


The long awaited Hy-Vee grocery store, set to replace the blighted former K-Mart building on MacArthur, is closer to realization with an ordinance up for council consideration Thursday.

 

Aldermen will decided how to proceed with an ordinance offering the development just over $3.5 million in Tax Increment Finance funds from the newly created MacArthur TIF district.

 

The project is estimated to cost upwards to $17 million.

 

Ward 7 Aldermen Joe McMenamin says the Hy-Vee will create hundreds of jobs, increase property value of the area and in-turn increase the increment available for other projects along the boulevard.

 

After the Christmas and New Year's holidays, Aldermen will meet with the Committee of the Whole Thursday.

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