DENVER — Target says it needs $5 million from the city of Denver or it will abandon the Tamarac Square project.
The Denver Post reports the discount retailer wants a reimbursement from the city for public improvements at the empty Tamarac Square site at S. Tamarac Dr. and E. Hampden Ave. in southeast Denver.
The site needs infrastructure improvements that include relocation of storm sewers, taking care of uneven topography and providing better access off of Hampden.
The Post reports that since this is private property, there is a limit on what the city can do. The property owners, Developers Diversified Realty in Ohio is ultimately responsible.
But the city is listening to Target’s request for $5 million ‘tax-increment financing.’ Under the plan, Target would pay for the improvements up front, and then receive reimbursement during a 10-year period.
If the plan is approved, Target plans to spend $20 million to develop the site for a 135,000 square foot store.