PALMER LAKE, Colo. (KOAA) — An independent study, contracted by the Town of Palmer Lake, outlines the impact a proposed Buc-ee's store would have.
If the annexation is approved, Buc-ee's would open off of I-25 and County Line Road late next year.
Economic and Planning Systems, which has an office in Denver, did the report.
It outlines that in the first full year, Buc-ee's would generate more than $955,000 of sales tax revenue and nearly $230,000 in property tax revenue.
Buc-ee's would also pay the water department, which is separate from the town's general fund, an estimated amount of more than $323,000 per year for water use.
The report mentions that Buc-ee's would likely ask the town for tax incentives for the development. Previous arrangements in other cities had an average rebate of about 1% for more than 20 years.
According to the report, the town will have to increase its budget for the following by about 24% of what it is now:
- police
- fire
- roads
- water
The town would also have to spend nearly $6 million initially to improve water facilities and upgrade equipment for the following:
- police
- fire
- roads
The report goes on to say Buc-ee's would invest nearly $11 million in transportation improvements as part of the development costs.
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