Sandra Emerson , Staff Writer
Posted: 12/10/2012 03:35:21 PM PST
UPLAND – The new phase of the Colonies Crossroads shopping center in northeast Upland isn’t quite ready to open yet, but city officials are already anticipating the sales and property tax revenue the project is expected to generate.
Once complete, the 185,000 square feet in additional shopping space is expected to generate about $146,000 in property tax revenue and between $687,000 and $702,000 in sales tax revenue, said City Manager Stephen Dunn.
The first tax revenues are expected to roll in during the 2013-14 fiscal year, he said.
“Most of it will be when construction is complete which will be by December 2013,” he said.
The city is currently reviewing ways to cut more than $2 million from the general fund budget annually.
Councilman Ken Willis said the revenue from the new phase will not be a “saving grace” as the first phase was, but it will help alleviate some of the city’s current financial problems.
“It’ll be important to the city. It won’t bail out the boat completely, but it will certainly do some bailing out for us financially,” he said.
The 400-acre commercial and residential development currently provides more than $3 million in tax revenue to the city annually, he said.
“We’re proud the difference it made for Upland,” said Dan Richards, co-managing partner of the Colonies Partners LP.
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