The City of Lancaster has approved plans for an $800 million project by Walmart, which is expected to create more than 1,300 jobs in the region.
Plans were approved last week for the two-building, 1.9 million-square-foot project, which was only identified as belonging to a “major retailer.” However, Walmart was later named in economic development documents. The retail giant is under contract with two large parcels of land in Lancaster. The news was first reported Wednesday by the Dallas Morning News.
On 292 acres at the southwest corner of East Belt Line and Sunrise roads, Walmart will build a 1.2-million-square-foot fulfillment center. The project will cost about $420 million and is expected to create more than 1,000 jobs within three years of opening.
On 162 acres at the southwest corner of East Pleasant Run and Cornell roads, Walmart is planning a 700,000-square-foot cold storage warehouse. It will cost an estimated $380 million and could create a minimum of 300 jobs within three years after it opens.
The deal between Walmart and Lancaster will include property tax abatements of up to 65 percent for 15 years as long as the value of the property doesn’t fall below $800 million. There will also be a 50 percent rebate of the city’s 1 percent sales tax on merchandise shipped from the facility for 5 years.
After tax rebates, both projects will bring in nearly $2.3 million in annual revenue to the city and more than $34 million over 15 years. City Council also approved a grant not to exceed $2 million for infrastructure improvements.
When reached by the Morning News, a Walmart spokesperson declined to confirm the project.
Source: Dallas Morning News