The City Council voted unanimously Tuesday night to give final approval to the development of a tax increment finance district at 159th Street and Central Avenue, where a 105,000-square-foot shopping center will be constructed by Tri-Land Properties Inc.
Dominick’s Finer Foods agreed to be the 70,000-square-foot anchor store for the shopping center in the new Oak Creek Commons, which will replace a soon-to-be demolished, dilapidated and nearly vacant shopping center.
In creating a TIF district, the city agreed to finance $3.5 million to help property acquisition, business relocation expenses, professional services and demolition expenses.
American National Bank will lend $9.4 million for the remainder of the construction costs.
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