The Sanford City Council voted unanimously Tuesday to approve an incentive package of up to $4.4 million that will help bring a Target store to town.
The incentive will help fund Ohio-developer CASTO in a proposed major redevelopment of the Riverbirch Plaza shopping center on Spring Lane. The deal requires a Target location and a “new to market” grocery store that has not yet been named.
After a number of residents spoke mostly in support of the measure during a public hearing, the council voted 6-0 (Republican Councilman Charles Taylor was absent) to enter the agreement with CASTO, which purchased Riverbirch in 2022. The council and many in the chambers applauded after the vote was taken.
The Lee County Board of Commissioners on Monday approved by a vote of 4-3 to enter an interlocal agreement with Sanford government that would provide up to $2 million in support of the deal. That money would reimburse CASTO for water and sewer infrastructure upgrades that are expected to be associated with the project.
The Sanford Area Growth Alliance estimates the project will include more than $60 million in tax base investment on CASTO’s part, and result in more than $100 million in annual retail sales. SAGA believes the project would add $2.4 million in local sales tax revenue per year, and about $633,000 in property taxes annually.
If a Target location and the new to market grocery store aren’t open within five years, the deal becomes void.
The addition of the land that provides a connection to Carbonton Road is a real game changer as that will provide the circulation that has been missing for the last 40 years. It will take a chunk of traffic off Spring Lane and Gulf Street. Bravo.