The proposal cleared a major hurdle when the council passed an amendment to its redevelopment plan allowing for the 140,000-sf store. Prior to passage of the amendment, that plan had limited building size on the site to just 60,000 sf.
Local officials estimate that when completed, the store will add up to a $15 to $20 million ratable that would generate $150,000 a year in property taxes. The site is also in a state-designated urban enterprise zone subject to half of the state's 6% sales tax, with the city deriving a portion of those proceeds for its own use. Wal-Mart representatives say the store will create upwards of 300 jobs.
The new Wal-Mart will also be a little out of character for the chain. According to William McManus, a Galloway, NJ-based consultant for the retailer, the store will incorporate a variety of exterior aesthetic features in keeping with the local area.
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