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Image Source: www.dailypress.com

• Modification to the Phase V Development Agreement to allow for two new retail tenants in the 4525 Main Street tower.

• Anthropologie, the anchor retailer of the new tower, has “co-tenancy” requirements that must be met.

• Changes to Development Agreement: • Movement of a wall to enlarge the

retail space facing Main Street. • Addition of 5,257 sf of retail

space (New total: 26,194 sf) • Estimated Cost: $100,000

• Reduction of the number of parking spaces in the garage due to the movement of the wall. • Reduction of 23 spaces for a new

total of 927 spaces.

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Owned by Urban Outfitters, Inc., Anthropologie currently operates 175 retail stores worldwide. It is a high-end lifestyle store that offers clothing, shoes, accessories, and home goods.

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After Sharing Formula

Sales Tax Personal Property

BPOL Total

City $105,503 $6,230 $21,101 $132,834

Schools* $284,497 $2,982 $10,099 $297,579

State $546,000 $ - $ - $546,000

Total $936,000 $9,212 $31,200 $976,412

*Schools Sales Tax revenue reflects the direct additional Sales Tax ($234,000) as well as the portion shared via the revenue sharing formula ($50,947).

This new retail space will contribute approximately $33,883 in real estate taxes to the TIF.

Assumptions for this analysis include: Sales per sq. ft. $600

Estimated sq. ft. 26,000 City Sales Tax 1% School Sales Tax 1%

State Sales Tax 3.5% Real Estate Value Based on $180/sq. ft.

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Lululemon Athletica is a high-end athletic clothing store with annual revenues of over $1 billion in the United States alone. The company will occupy approximately 3,000 sf of the former Red Star Tavern space on Main Street.

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Free people is a “bohemian lifestyle brand” that sells women’s clothing, shoes, and accessories. The company will occupy approximately 3,100 sf of the former Red Star Tavern space not occupied by Lululemon on Main Street; both retailers will serve to meet the “co-tenancy” requirements of Anthropologie.

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