Ag-oriented retailer eyes new Westfield development

November 7, 2013
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Tractor Supply Co. plans to move its Westfield store next year from U.S. 31 to a new development planned for State Road 32 just east of Spring Mill Road.

Dubbed Springmill Pointe, the nine-lot commercial park will occupy about 21 acres in the Maple Knoll planned unit development.

The property is bordered by undeveloped land to the north and west, existing businesses to the east, and the Pine Ridge Subdivision to the south.

Westfield Investment Co. LP has begun the process of getting city approval for the project, as has the Tennessee-based retailer. Tractor Supply—calling it a farm supply store hardly does it justice—would occupy 3.6 acres at the southeast corner of the property.

Developers Beau Wilfong and Eugene Wright are general partners in the Carmel-based ownership group, according to state records.

Their proposed site plan includes two strips of land that would be set aside for future trails—both a street-side path along the highway per the city’s alternative transportation plan, and a chunk along the southern boundary of the property for a planned extension of the Midland Trace Trail.

Westfield’s comprehensive plan envisions the area as an employment center, with office and service uses. Retail uses that support other nearby businesses also are acceptable, according to a report prepared by city planner Ryan Clark.

Tractor Supply is planning a 19,000-square-foot building, plus 15,000 square feet of fenced-in outdoors sales and 5,400 square feet of sidewalk display space.

The retailer now operates a store at 18160 U.S. 31 North. It will remain open at that location at least through the end of the year, an employee said.

U.S. 31 is getting a major overhaul as the Indiana Department of Transportation transforms it into a limited-access highway. A number of businesses have relocated to make way for the road.

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

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  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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