Volo Target may not be dead
The planned Target store at Route 12 in Volo may not be completely dead, Mayor Burnell Russell said, but it is definitely in a deep sleep for the time being.
But, due to the opening of the new HSBC computer information hub at Fish Lake Road and Route 120 this year, Russell said the village is doing all right despite the rough economy.
"We're still getting about 100 new home permits pulled each year, and there are a handful of businesses opening in 2009," he said. "So, I think we'll be in good shape in the coming year, despite the economy."
Burnell said developers for Volo Market Place LLC have requested more economic incentives than the village is willing to give to get the project going in 2009.
Originally, Volo Market Place LLC intended to build a 440,000-square-foot shopping center on 90 acres between Route 12 and Gilmer Road. That development originally would have been anchored by a Target store, but plans also called for restaurants and some smaller stores.
The Target was expected to add about $1 million to the village's tax rolls by 2010, Russell said.
He would not say what incentives developers were looking for, but said it was steeper than the village was willing to give.
"So, while the deal isn't dead, it isn't going anywhere right now," he said. "I think the economy has a lot to do with it. It's hard to develop commercial with the current recession going on."
Representatives from Volo Market Place LLC did not return calls for comment.
On the positive side, Russell said a service station is slated to open on Volo Village Road and Route 120, a Consumer Credit Union bank facility will open on Ellis Drive and Route 120, in addition to the 300,000-square-foot HSBC information hub.
The HSBC branch will pump about $50,000 in property taxes annually to the village. In addition, Wauconda Unit School District 118 will get about $450,000 annually from the data storage facility, Russell said.
"We also had 11 new home construction permits pulled so far this year, so we are bringing in revenue," he said. "It's true that, with this economy, most towns are hurting. But, we are doing all right now."