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Rick Perry, 2 other GOP governors blast Medicare Advantage rates

TALLAHASSEE, Fla. (AP) — Three Southern Republican governors are writing President Barack Obama to complain about newly announced Medicare Advantage payments.

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New retailer, restaurant coming to Sundance Square

Sundance Square announced today it is adding a new retailer and a Korean restaurant to its misx. Women’s retailer White House Black Market will open a 3,815-square-foot store at the corner of Houston

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Cassco breaks ground on apartments at Clearfork

Cassco Development has broken ground on 392 apartments, the first multifamily phase in the 270-acre project fronting the Trinity River in west Fort Worth, the firm said said Tuesday.

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I-30 entrance ramps near downtown to close permanently on Friday

Major traffic changes await Fort Worth motorists when the westbound Forest Park Boulevard exit from Interstate 30 and the Summit-Eighth avenues I-30 entrance ramp close permanently.

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Colonial names new general manager

Michael Rushing has been named the general manager at Fort Worth’s historic Colonial Country Club, the home of the annual PGA Tour event, the Crowne Plaza Invitational at Colonial.

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Wal-Mart eyes second Fort Worth e-commerce center
 
A. Lee Graham
Reporter
 
Wal-Mart’s Fort Worth incursion shows no signs of slowing, as the retail giant considers 57 acres near Fort Worth Alliance Airport as the site for its second Cowtown e-commerce fulfillment center.
 
“We are very keen to bring this project forward to you,” said Robert Sturns, the city’s domestic and international business recruitment manager.
 
Speaking at the pre-council portion of the Nov. 19 regular City Council meeting, Sturns outlined tax incentives intended to lure the company to the Alliance Crossing parcel just east of Interstate 35W and Hillwood’s AllianceTexas mixed-use development.
 
With the retail giant expecting to exceed $9 billion in online sales this year, the company has prioritized developing what it calls a “next-generation fulfillment network” to accommodate online sales. Product inventory on company website walmart.com grew 35 percent to 40 percent to 2 million items in 2012, with the company requiring bricks-and-mortar fulfillment centers to handle inventory expected to double this year.
 
The city affirmed its faith in Wal-Mart’s economic benefits earlier this by agreeing to
abate 75 percent, or about $2 million, of city property taxes on the incremental value of a Westport Parkway location in far North Fort Worth and equipment and other items classified as business personal property for 10 years.
 
The latest proposal would bring Wal-mart.com USA LLC, a subsidiary of Wal-Mart Stores Inc., to the Alliance Crossing site through a “380 agreement,” named after Chapter 380 of Texas local government code allowing rebates of future sales or property taxes.
Walmart would receive $3 million over the course of the 15-year agreement term, with Fort Worth gaining $1 million.
 
Unlike a tax abatement – in which the tax liability is reduced on the front end and capped at 10 years by state law – a 380 agreement requires a company to pay the full tax generated while the city provides a grant back to the company worth up to 75 percent of those taxes paid.
 
The proposed deal would require Wal-Mart to invest $32 million for the build-to-suit building that it would lease, with the greater of 25 percent, or $6,250,000, to be spent each year with Fort Worth companies and an equal amount with Fort Worth minority- and women-owned businesses.
 
Meanwhile, the company would have to spend the greater of 55 percent, or $16,500 each year, on supplies and services with Fort Worth companies. The company would have to spend of 25 percent of its supplies and services budget, or about $7,500, with Fort Worth minority- and women-owned businesses.
 
The deal would bode well for local employment, with 80 full-time equivalent positions required to be created by June 30, 2015 and 100 full-time-equivalents by Dec. 31, 2019. At least 40 percent of those would have to be filled by Fort Worth residents, with 5 percent by central city residents.
 
“This is a big deal,” said District 7 Councilman Dennis Shingleton. “I’m very much in favor of this.”
 
So is District 5 Councilwoman Gyna Bivens.
 
“I like what I see. There are some partners we have that just do things right, and this is one of them,” Bivens said.
 
The council is expected to vote on the proposal at its Dec. 10 regular meeting.
 
lgraham@bizpress.net
 
 
 
 
 

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