The contract commits the city to make various infrastructureimprovements, acquire adjacent property on which Prime will buildparking and reimburse the company for some development costs. Inreturn the city will earn more than $3 million a year in sales andproperty taxes, and will benefit from the addition of about 500 newjobs. Grand Prairie economic development director Bob O'Neal callsthe deal a win-win situation. "We get a great developer with greattenants," he tells GlobeSt.com. "We get destination retail, whichhelps our tax base and our residents get a great place to shop. Wewin on all fronts."

The site is located in a TIF district formed in 1999 thatstretches from Texas 360 to Texas 161. Tax revenue generated byhigher property values due to new development goes to financepublic improvements within the district. "We're looking at theproject as an important source of sales-tax growth," says O'Neal."Our tax base is heavily residential. This will relieve the burdenon local homeowners and allow us to provide improved services."

As for Prime, Bruce Zalaznick, the company's EVP of real estate,lauds the location's visibility, demographics and touristpotential. "That's what's going to make this a better-than-averageopportunity," he says. "The Dallas-Fort Worth Metroplex isobviously a very robust market, and Grand Prairie is one of thetrue growth areas of the Metroplex. We're very lucky to bethere."