STX Home Depot soon...
 
Notifications
Clear all

STX Home Depot soon come?

 
Bombi
(@Bombi)
Trusted Member

Home Depot Project Still On Track, Senate Panel Told
By Bill Kossler
August 12, 2009 — The planned Island Crossings Shopping Center on St. Croix to be anchored by Home Depot is on track and groundbreaking should occur soon, Percival Clouden, chief executive officer of the V.I. Economic Development Authority, said in Senate budget hearings Wednesday.
The development slated for 44 acres of undeveloped land off the Melvin Evans Highway across from Hess Road is estimated to ultimately involve about $40 million in capital investments and is the first major project in a new EDA "Tax Increment Financing" program, Clouden said. With TIF the V.I. Government actually pays part of the capital costs of a project through bonds secured by future tax revenues from the development. Used in nearly every state and territory to boost development in economically underserved areas, the theory behind TIF is if the public funding makes a project feasible that would otherwise not happen, the increased tax revenues it will bring in can justify and over time actually finance the upfront public expense, bootstrapping economic development.
In this instance, the developer is liable for the bonds if the tax revenues somehow don't appear, theoretically protecting the government from losing money on the deal.

Advertising (skip)
In the end, the total bond amount for the entire project is estimated at about $25 million, Clouden said. Financing is nearly completed and the project should start soon.
"We anticipate groundbreaking of the first project to occur within the next month and we are working to put the mechanism in place to … monitor this," he said.
EDA is made up of the Economic Development Commission, which confers generous tax benefits for new businesses, The Enterprise Zone Commission, created to revitalize run down and blighted communities, the Government Development Bank, the Small Business Development Agency, and the Industrial Park Development Corporation.
EDA personnel were at the budget committee hearing to defend their 2010 budget appropriation request of $5 million, reduced from their initial request to match the budget recommendation of Gov. John deJongh Jr.'s administration.
The request is a $500,000 or 11-percent, increase over the fiscal 2009 appropriation of $4.5 million. EDA expects $600,000 in revenue from fees and interest on its loans, for a total projected budget of $5.6 million.
Senate President Louis Hill asked Clouden to quantify the economic impact of the EDC's tax benefit program on the territory.
"To listen to people talking, you would think it's the worst thing in the territory because they are giving away everything," Hill said. "Someone has got to correct this misperception, what is your response?"
Clouden said in 2007, the total economic contribution to the territory of the 92 companies then receiving benefits was just over $422 million. To get that revenue into the economy, the territory gave up $155 million in taxes that would have been paid if the companies had set up shop in the territory without the tax program.
"The figures are there," he said. "We just need to publicize it some more, as we are doing today."
Hill said excessive criticism of the program "really steams" him.
"The EDA is in fact one of the things keeping us afloat right now in the territory," he said. "Without it hundreds more would be unemployed."
When asked, Clouden said EDC companies "support 8,300 jobs."
No votes were taken at the information gathering budget hearing. Present were Hill, Sens. Craig Barshinger, Carlton "Ital" Dowe, Wayne James, Nereida "Nellie" Rivera-O'Reilly and Sammuel Sanes.

.

Quote
Topic starter Posted : August 13, 2009 2:33 pm
stxfoodie
(@stxfoodie)
Advanced Member

"the territory gave up $155 million in taxes that would have been paid if the companies had set up shop in the territory without the tax program"

Let's be clear, the territiry gave up zero because none of these companies would be here if the program didn't exist in the first place. Perhaps we should send our elected representatives to a remedial mathematics class.

ReplyQuote
Posted : August 14, 2009 12:06 pm
EngRMP
(@EngRMP)
Advanced Member

So, if a supplier as large as Home Depot comes here, does it change shipping costs for everyone else. In other words, if there is more shipping of goods to the island, does it lower the cost of shipping things? Can Home Depot, Walmart, grocery stores, etc all pool together to get cheaper shipping?

ReplyQuote
Posted : August 14, 2009 1:25 pm
terry
(@terry)
Expert

"the territory gave up $155 million in taxes that would have been paid if the companies had set up shop in the territory without the tax program"

Let's be clear, the territiry gave up zero because none of these companies would be here if the program didn't exist in the first place. Perhaps we should send our elected representatives to a remedial mathematics class.
Reply Quote Report

That is true with the new rum factory but Home Depot might have come anyway to sell and make money. You would expect them to ask for a tax break.
In Scottsdale,AZ, the city gives many retailers a tax incentive to build in Scottsdale. However ther the retailer can just go a few blocks west into Phoenix like Penske did with his "Scottsdale Auto Complex" that houses about nine different dealerships. This was because Phoenix gave him better tax incentives.
Or they can go east a few blocks onto the Pima Indian reservation to the "Scottsdale Pavallions" where there is a major shopping area that Scottsdale didn't want because of traffic concerns. Now they have to deal with all of the traffic issues and no tax base.

However here the retailer can't just go a few blocks a get a better tax break.

ReplyQuote
Posted : August 14, 2009 2:19 pm
stxfoodie
(@stxfoodie)
Advanced Member

I believe he was talking about the EDC program as a whole, not home depot alone. There are very few EDC companies that would come here if not for the tax breaks. There are some companies that had been here historically that were granted tax breaks after having been here for a while (check who owns certain shopping centers on STT and what EDC benefits they have).

Regarding home depot I'm surprised that they will come here. Unless we have major developements, I'd be hard pressed to understand how they'll make $ off of our 55,000 population that is served by a variety of hardware stores already and where we can already have blackhawk ship stuff from the St. Thomas store. But since I haven't seen the financial projections I really don't know.

ReplyQuote
Posted : August 14, 2009 4:58 pm
Betty
(@Betty)
Trusted Member

You really don't want to ship from stt or pr home depot. Both are high. Its much cheaper to ship from Miami.

ReplyQuote
Posted : August 14, 2009 10:20 pm
dntw8up
(@dntw8up)
Trusted Member

Haven't the powers that be been saying "soon come" for years? I suspect the pols are posturing in preparation for the next election, and will be very surprised if HD comes to STX anytime soon.

ReplyQuote
Posted : August 15, 2009 4:20 pm
stxfoodie
(@stxfoodie)
Advanced Member

Soon Come indeed. We cruzans will believe it when we see it built!. let's see.... Robin's Bay, Golden Gaming, William and Punch, Home Depot..........sure................ they'll all be built............soon come indeed.....LOL

ReplyQuote
Posted : August 15, 2009 4:49 pm
beachy
(@beachy)
Trusted Member

Our experience has been different. We've ordered from the SJU HDs, 2 or 3 different ones, both in person and over the phone, and find the pricing, at least on what we buy, to be the same as or very close to stateside. You can look on the website and see what's in stock and the pricing. They deliver to the dock, sometimes the same day, and the shipping with Water Spirit has been cheap. We tried to do the same with the STT store, and found that impossible.

ReplyQuote
Posted : August 15, 2009 7:23 pm
stxfoodie
(@stxfoodie)
Advanced Member

Beachy - that is awesome to know. Thanks for the tip!

ReplyQuote
Posted : August 15, 2009 9:27 pm
terry
(@terry)
Expert

Gee, I not only believe that they soon come, I'll be camping out in the field holding my breath for the screws that I need for a project. LOL

ReplyQuote
Posted : August 16, 2009 12:06 pm
DUN
 DUN
(@DUN)
Trusted Member

Don`t remember the name of hardware store STX has accross the street from the mall...
I think it`s better than HD.
The people who work there, know their sections/products well.
When HD first arrived in STT, we marveled!
Now, it`s known as Island Depot!
When they have the 2X lumber, they don`t have 2X fasteners.
When they Have 2X fasteners, they don`t have 2X lumber.
When they have 3/4PVC, they don`t have the fittings.
When they have 3/4 fittings, they don`t have the PVC.
You get the idea!

Last year they had 19/32 sockets on clearance, 100`s of them!
I`ve been using hand tools for over 40 years, I`ve NEVER used a 19/32 sized tool!
We used to see these sockets when I was a kid, I suspect they may have been used during or before WW2.

Who does the ordering there???

ReplyQuote
Posted : August 16, 2009 1:38 pm
Juanita
(@Juanita)
Expert

Dun,
It's called Caribe Do It Center.

I much prefer Gallows Bay Hardware, particularly when you factor in the garden center, appliance store, plumbing showroom. The people working at GB are, in my opinion, the absolute BEST customer service employees on island!! You have to really compare prices, but I find Caribe to generally be higher than GB.

I am keeping my fingers crossed for Home Depot, though. It will certainly be a welcome addition!

ReplyQuote
Posted : August 16, 2009 1:45 pm
Bombi
(@Bombi)
Trusted Member

both stores are frequently out of stock on a lot of items. I bought every 4-1/2 x 1/2 inch wedge anchor on island. Hopefully when and if HD comes we will be able to get what we need.

ReplyQuote
Topic starter Posted : August 16, 2009 1:50 pm
Trade
(@Trade)
Expert

I don't know who orders for Home Depot but I wonder if it's the same stateside corporate BS that Office Max goes through. The first manager at Office Max was married to a woman who worked for me. He quit in frustration because "Corporate" wouldn't send him what was needed or wanted here but they decided what to stock (and that included a lot of discontinued crap.) I've worked for a differnt large stateside corporation with many layers of departments & buyers & I also quit in frustration because dealing with them was worse than dealing with ANY government office in the VI.

ReplyQuote
Posted : August 16, 2009 1:57 pm
Juanita
(@Juanita)
Expert

I have to chuckle at Kmart. A few years ago they had jackets and sweaters with fake fur trim...and recently I found outside faucet insulators to keep your spigots from freezing. A whole stack of them displayed openly, taking up space, but of course, I couldn't find a garden hose! Every once in a while, just for giggles, I check, and yes...they still have the insulators on display.

ReplyQuote
Posted : August 16, 2009 2:47 pm
dntw8up
(@dntw8up)
Trusted Member

I believe the faucet insulators are on permanent display, to help fill the abundance of empty shelves. 😀

ReplyQuote
Posted : August 16, 2009 4:50 pm
DUN
 DUN
(@DUN)
Trusted Member

Yes, Kmart seasonal items!
I remember the lock de-icer, the coats, gloves, scarves & goolashes<<(not sure of the spelling, or if they even still use this term).
Ah, but Home Depot has/had Snow shovels!
I remember Kmart stops selling Charcoal(BC in December, it is much too cold for a BBQ)!
When I asked the manager, they told me that`s a seasonal item!
I explained, I know I`m weird, but I BBQ on the beach even in the winter!

The manager sensing sarcasm, told me Kmart sends these seasonal trailers, there is nothing they can do!

Dem Martha Steward thief I!

ReplyQuote
Posted : August 17, 2009 2:09 am
Trade
(@Trade)
Expert

Which just proves my point about how idiotic corporate America can be about retail outlets down here.

ReplyQuote
Posted : August 17, 2009 2:22 am
Close Menu