ATLANTA-Planning Commission officials in Cobb County are turning their backs on potential annual tax revenue of more than $2.8 million by rejecting a rezoning request by Wal-Mart Stores Inc.
The world's largest retailer, based on fiscal 2004 gross sales, wants to develop an estimated $33-million, 330,586-sf retail campus on 64 acres in the northwest sector of the county. The development would house a supercenter in the 225,000-sf to 250,000-sf range and seven two-story office buildings on North Cobb Parkway near the Paulding and Bartow county lines.
The Bentonville, AR-based retailer, however, is not out of the game completely, area brokers familiar with Wal-Mart's startup strategies tell GlobeSt.com. The full Cobb County commission will vote on the rezoning request at a public hearing scheduled for Feb. 15.
At that hearing, elected county officials are also expected to review the more than $2.8 million in gross tax revenue the county would receive from the new Wal-Mart project. Cobb County schools would receive $575,000 in annual revenue. Real estate taxes would bring in another $177,000, according to Planning Commission staffers.
Planning commission staffers confirm for GlobeSt.com that the unanimous rejection vote by the five commission members was based largely on the county's guidelines which restrict commercial development to 140,000 sf and individual buildings to 70,000 sf.The planning commission's rejection of Wal-Mart's rezoning request comes as the retailer starts nationwide plans to open or expand 45 of its flagship discount stores and about 250 supercenters this year, the company previously announced. In Georgia, the retailer has a total 120 stores, supercenters and Sam's Clubs and eight distribution centers employing 50,000 workers.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.