Apparently bargain hunting instincts extend beyond home supplies, apparel and snacks because the discount retail chain is in the midst of striking a deal with the Town of Ledyard to make some improvements to their property, but not pay taxes on the increased value until 2016, potentially.
The Finance Committee voted Wednesday to relieve Ocean State Job Lot from the additional tax burden on forthcoming repairs after recieving a list of scheduled improvements to take place over the next two years.
If approved OSJL will receive a tax abatement (on the value of the improvements only) while they are being implemented and for two years afterward. If any of the planned improvements are not made, all the taxes will become due and payable.
The Ocean State Job Lot mall and parking lot have been the subject of longstanding complaints and town officials have been trying to get OSJL to improve the buildings and parking lot for years, according to Mayor John Rodolico. The scheduled improvements (plus contingency funds) come to $512,200 and he said he does not know why they finally relented.
OSJL’s assessed value is $2,152.080 and pays $60,187.60 in taxes every year. According to Mayoral Assistant Mark Bancroft, most of the “improvements” amount to no more than routine maintenance and the town will only lose approximately $3,000 taxes over the entire timeframe. He said repair and seal of parking lot plus lighting is about the only thing that would add value to the property.
“I’m just happy they’re doing something,” said Councilor Sharon Wadecki of the property.
These are the planned improvements:
Phase One, 2012
Paint and repair pylon
Enclose with field stone wall
New tenant panels
New OSJL panel
Repair, seal and stripe parking lot
Remove small store walkway
Remove mildew and paint back of center
New parking lot lighting
Phase Two, 2013
New OSJL canopy
New OSJL fascia sign
Add face cap to columns
Add panels to store front
Clean and resurface sidewalks
Remove paving in future out parcel
Seed and plant
Phase Three, 2014
New canopy on former supermarket and shops
Repave loading area as needed