Cabela's coming to Tri-Cities (Bristol, VA) (Knoxville, Kingsport: sales, how much, transfer)

[kamoshika]

The 85,000-square-foot store, to be located in The Falls development area close to Interstate 81’s Exit 5 along Lee Highway, will be built in Cabela’s trademark style with an exterior of log construction, stonework, wood siding and metal roofing.

...The store will be an anchor tenant of The Falls, a new retail development scheduled to accommodate about 1.5 million-square-feet of retail space.
Cabela’s Announces Plans for Bristol, Va., Store

[JoshB]

You beat me to it Kam! I was reading the other thread and seen that on tri cities.com

http://www2.tricities.com/business/2...ps-ar-2148531/

[gemstone1]

Before everyone jumps for joy, someone needs to ask the local officials how much they had to give away/give up in order the have Cabela's bless them with a store....read more here: DAVID CAY JOHNSTON, a Pulitzer Prize-winning New York Times reporter, is the author of Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You With the Bill).

Regards
Gemstone1

[jchometeam]

That is the case for most of these big stores, and it isnt right. If a business cant make it without getting millions from the city, they shouldnt be in business.

But on another note, this is surely another blow to the 81/26 development. He just needs to sell that land and forget about it.

[Jim37680]

Oh, good grief- it's just another bait shop!

[kamoshika]

To give an idea of the planned size of this development, it's about 90% as large as Knoxville's Turkey Creek, which is approximately 1.7 million sq. feet. Combined with the Pinnacle at exit 74, the total size of these two new Bristol developments will be about 65% bigger than Turkey Creek.

More info on Cabela's and The Falls: “It’s no joke — this is very real,” said Dewey Cashwell, city manager of Bristol, Va., adding he has letters of intent from another seven major retailers wanting to locate at the site.

...And although Bristol, Va., is giving Cabela’s $25 million to locate in the city, Cabela’s is expected to repay $5 million towards infrastructure and common spaces inside the new development, Cashwell said. And with up to $40 million in sales tax revenue expected to be generated by Cabela’s, Bristol, Va., leaders expect to recoup their investment “in a very short number of years,” he said.
Cabela's to open 85,000-square-foot outlet in new Bristol, Va. retail complex- Kingsport Times-News

[BadJuju]

Originally Posted by jchometeam

That is the case for most of these big stores, and it isnt right. If a business cant make it without getting millions from the city, they shouldnt be in business.

http://www.rgj.com/article/20120124/...nclick_check=1

Here is another article that shows how ridiculous this development is. Bristol will regret colluding with Cabela's, but the leaders won't give a crap because the cost will be born by the taxpayers, not them.

[BadJuju]

Originally Posted by kamoshika

...And although Bristol, Va., is giving Cabela’s $25 million to locate in the city, Cabela’s is expected to repay $5 million towards infrastructure and common spaces inside the new development, Cashwell said. And with up to $40 million in sales tax revenue expected to be generated by Cabela’s, Bristol, Va., leaders expect to recoup their investment “in a very short number of years,” he said.[/i]
Cabela's to open 85,000-square-foot outlet in new Bristol, Va. retail complex- Kingsport Times-News

These companies are notorious for fudging their numbers to make them look like a good investment for communities. I guarantee that Bristol won't ever recoup their 'investment.' This is just crony capitalism and represents another transfer of public wealth into private hands. Gotta make the rich richer or they won't create jobs.

The Cost of a Free Lunch - Reason.com

[cool_hand_luke]

I don't see Bristol being able to support all of this. Look at how many empty buildings are at exit 7 already.

[MetropolitanTN]

So Bass Pro AND Cabelas are coming to Bristol?