Dillon Town Council approves tax incentive deal with Petco
In an effort to fill a long vacant storefront, town of Dillon officials began working this past spring on an economic development agreement to bring one of the nation’s largest pet supply stores to Summit County.
On Tuesday the Dillon Town Council approved, 5-0, a resolution to enter into a retail sales tax rebate program with Petco Animal Supplies Store Inc. Town of Dillon Mayor Ron Holland and town council member Tim Westerberg were absent from Tuesday’s meeting.
According to the deal, Petco would receive a $400,000 sales tax rebate in return for opening a store in Dillon.
The sales tax generated by the store will be split 50/50 by the town and Petco. Sales tax rebates will be remitted on a quarterly basis until the agreed upon $400,000 is paid in full.
Carri McDonnell, finance director for the town of Dillon, would not speculate as to how much sales tax revenue could be generated by having the pet supply retailer in town, but said Thursday town officials estimate the sales tax rebate will be paid in full within the next 10 years.
Now that the agreement has been approved by town council, Petco has until August 31, 2014 to move into the vacant building located at 264 Dillon Ridge Road in the Dillon Ridge Shopping Center. The 12,000 square-foot space was the former home of Borders, a retail bookselling chain that closed the last of its stores in September 2011.
Petco representatives have indicated they are shooting for a target open date of spring 2014, McDonnell said.
“We’re excited to not only get in a recognized name brand store — especially one that caters to pets, which we all own — but to also fill one of our vacant buildings,” said Dillon town manager Joe Wray. “That particular building has been vacant for at least two years and we’re looking forward to boosting the economic vitality of the town.”
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