Commissioners approve tax plan for South Union plaza
Fayette County commissioners on Tuesday approved a tax increment financing plan for a $24 million shopping plaza to be built adjacent to the Fayette Crossing Shopping Center in South Union.
The plan calls for $73,033 in new taxes generated annually at the county and township levels to be put toward a 20-year loan that the Redevelopment Authority of Fayette County will acquire for site improvements.
The total amount of new taxes to be diverted to the plan over two decades is $965,507, said Andrew P. French, the authority's executive director, in an Aug. 7 memo to commissioners. Cedarwood Development of Akron, Ohio, will invest at least $23 million in the project, according to the memo.
The diverted tax dollars will pay for improvements that include $744,800 in mine remediation, $71,060 in geotechnical services and $149,647 in paving. During the same 20-year period, current taxes totaling $3,348 annually will continue to be paid to the county and township, according to French's memo.
The plan is a revision of an earlier one that included Laurel Highlands School District as a participant. It was revised to exclude the district when its board opted not to allocate any of its portion of new taxes to the project, French's memo states.
Randall J. Hake, Cedarwood's vice president of commercial development, on Tuesday said the plaza will include a Hobby Lobby and Dicks Sporting Goods, among other retail stores and restaurants.