The City of Round Rock will vote Aug. 22 on whether to approve a 10-year incentive agreement that could return up to $4.5 million in sales tax and development costs to Bass Pro Shops if they develop a proposed store in the Texas city, according to the Round Rock Economic Development Partnership, a collaboration of the City of Round Rock and the Round Rock Chamber of Commerce.
“We are thrilled to bring another destination retailer to Round Rock,” Mayor Alan McGraw said. “Bass Pro Shops is an internationally recognized brand that will draw outdoor enthusiasts from across the region and state to shop in our community. The addition of a large sales tax generator like Bass Pro Shops will further diversify our sources of revenue, which is great news for all Round Rock taxpayers.”
The 10-year agreement, modeled after the agreement the City struck with IKEA in 2006, is worth up to $4.5 million, and includes $500,000 in reimbursements for site improvements. The economic program payments will be based solely on a portion of the sales tax revenue actually generated by Bass Pro Shops. Payments may not exceed $500,000 in any given year. No property tax abatements are included in the agreement.
“One of our target sectors is destination retail and Bass Pro Shops is one of the biggest names in destination retail,” said Ben White, Vice President, Economic Development, of the Round Rock Chamber of Commerce. “Adding Bass Pro Shops to our impressive retail community continues to make Round Rock a major hub for retail in Central Texas Rock and a true destination for visitors.”