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Old 10-03-2016, 09:57 AM
 
Location: 304
5,274 posts, read 7,394,078 times
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Quote:
Originally Posted by WVUmatt View Post
Very interesting considering Bass Pro announced this morning they are buying Cabelas. If this is true, I wonder how long before the small Cabelas is closed.

Also if true, I wonder who paid the 40+ million, the developers or the taxpayers.

Also, it looks like Bass Pro operates out of one huge distribution center in the middle of the country so I doubt a distribution center will be built.
I couldn't imagine Cabela's closing considering the market its trying to cater to. Cabela's came to Charleston to reach a market that was already obsessed with Cabela's. People before would frequent the Wheeling store, often driving from the far reaches of Southern WV. As far as I know the Charleston store has been a success and even if Bass pro bought out Cabela's, the market is certainly large enough to support both stores in the metro valley and tri-state area.

I hope that Bass Pro does happen in Huntington, as it would be a great addition to the region. Obviously they would never consider a Charleston store, so Huntington is the next best location IMO.
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Old 10-03-2016, 10:48 AM
 
1,774 posts, read 1,665,026 times
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Bass Pro Shops acquiring Cabela's for $5.5B

Link to a story regarding the Bass Pro Shops purchase of Cabela's.
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Old 10-03-2016, 11:01 AM
 
10,148 posts, read 13,262,602 times
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Quote:
Originally Posted by Chriscross309 View Post
I couldn't imagine Cabela's closing considering the market its trying to cater to. Cabela's came to Charleston to reach a market that was already obsessed with Cabela's. People before would frequent the Wheeling store, often driving from the far reaches of Southern WV. As far as I know the Charleston store has been a success and even if Bass pro bought out Cabela's, the market is certainly large enough to support both stores in the metro valley and tri-state area.

I hope that Bass Pro does happen in Huntington, as it would be a great addition to the region. Obviously they would never consider a Charleston store, so Huntington is the next best location IMO.
You could be right about Bass Pro building in Huntington, but it is likely to be a smaller store because a larger one would definitely adversely affect the Charleston Cabela's location. Remember, the large Cabela's in the Highlands caters to the Pittsburgh market with well over 2 million people. Also, who will fund the Bass Pro store with the guarantee they require? It would have to be Cabell County because state government sure doesn't have the funds to do it. Paying off a $60 million bond with a guaranteed distribution center located near Pittsburgh is very different than paying off a $40 million one in a less populated area, with only a store.
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Old 10-04-2016, 07:51 AM
 
Location: Huntington, WV
4,571 posts, read 7,759,975 times
Reputation: 835
Reading other articles on the subject, the $40 million is likely in tax breaks from TIF funding. While other areas of the state may be maxed out on TIF designated areas, I don't believe Cabell County is. If a TIF designation is all that is required, that may be what they are looking for. Here's an interesting article on the subject and how TIFs aren't always what they seem though. I can definitely see both sides to this argument.

Tax Increment Financing: A Bad Bargain for Taxpayers
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Old 10-04-2016, 11:54 AM
 
10,148 posts, read 13,262,602 times
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Quote:
Originally Posted by tbailey1138 View Post
Reading other articles on the subject, the $40 million is likely in tax breaks from TIF funding. While other areas of the state may be maxed out on TIF designated areas, I don't believe Cabell County is. If a TIF designation is all that is required, that may be what they are looking for. Here's an interesting article on the subject and how TIFs aren't always what they seem though. I can definitely see both sides to this argument.

Tax Increment Financing: A Bad Bargain for Taxpayers
You might well be right about that. I thought TIF districts were basically tax breaks for infrastructure development and the like. I didn't know they also gave business developers tax breaks. A real estate TIF, for example... wouldn't the money normally paid for real estate taxes be put toward paying off the TIF debts?
A sales tax TIF... using money that would normally be sales taxes from a given property to pay off the TIF debt?

The article you posted says that a county really doesn't lose any tax money from a TIF. The taxes are "frozen", and the improvements aren't taxed for a specified period of time. That isn't a bad deal if it creates jobs.
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Old 10-04-2016, 01:09 PM
 
Location: Huntington, WV
4,571 posts, read 7,759,975 times
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It's a tax break in that much of the required infrastructure is paid for by tax money that would have otherwise gone to the state. That way, the taxpayers actually pay for the sidewalks, roads, sewer, etc that the developer or company would normally foot the bill for. In that manner, it is a tax break on costs deferred.
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Old 10-04-2016, 02:27 PM
 
354 posts, read 440,048 times
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Great article. Brilliant towns across WV have found a way to lure big box stores with public money. Of course they would have to do a little research to figure out it's not a good deal, but that would be asking too much.
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Old 10-04-2016, 03:45 PM
 
10,148 posts, read 13,262,602 times
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Well, keep in mind that this money that taxpayers are paying wouldn't be generated in any event without the developments. If I'm reading this correctly, taxes are frozen at the current levels for a specified period of time and only new monies are used for the improvements. The counties continue to get the same money they were receiving before.
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Old 10-04-2016, 07:57 PM
 
Location: Huntington, WV
4,571 posts, read 7,759,975 times
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That's often the issue though. They get the predevelopment level tax money but now have to deal with providing services to the new development for infrastructure, police, fire, etc. You also don't have the same value in the building long term once the company decided to vacate. Plus, you often lose small businesses that sell similar items too meaning the money made goes out of town. A municipality doesn't always bring in the tax revenue they expect either. There are some good things, new jobs, sales tax, etc but it's definitely a trade off. There have been lots of studies done on the subject too.

http://www.freep.com/story/news/poli...ents/25649545/

http://www.goodjobsfirst.org/smart-g...big-box-retail
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Old 10-15-2016, 09:42 AM
 
530 posts, read 494,104 times
Reputation: 54
I'm being told that work on a permanent entrance to The Crossing should commence within 1-2 months and after this is complete, things should really speed up for that development. The process for obtaining permits/jumping through red tape has been very slow, but it appears that construction on the permanent entrance should start soon. How ironic would it be if construction on The Crossing starts before Tanyard Station? I still personally believe that Tanyard Station has spiraled downward and there are most likely so major issues going on behind the scene. Again, not one single update has been given since early June and not one ounce of construction has been done on the road upgrades. All I can say is they better be changing that sign advertising "estimated opening summer 2017" ASAP as there is no way they will be able to meet that deadline.
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