Judge Donald J. Cosby of the 67th Judicial District has entered a Judgment validating the creation of a tax increment financing zone by the Fort Worth City Council and authorized the issuance of up to $32 million in bonds to help pay for the development of the Cabela’s destination retail store planned for Fort Worth, Texas. The Court also entered a permanent injunction prohibiting any further actions challenging the validity of the bonds and dismissed all claims against Cabela’s in the previously disclosed lawsuit challenging the validity of the real property tax increment financing. The rulings by Judge Cosby are subject to appeal. The Fort Worth store, to be built on a 50-acre site at the interchange of Texas Highway 170 and Interstate 35W, will encompass approximately 230,000 square feet and is expected to open in May of 2005.
“Because of the destination status of our large format stores and the huge traffic they generate, Cabela’s believes communities realize significant incremental economic increases in areas where they are located,” said Mike Callahan, Cabela’s Senior Vice President of Retail Operations and Marketing. “This incremental economic benefit provides valid reasons for communities to continue to offer incentives to persuade Cabela’s to locate one of its large destination retail stores in their community. We look forward to resuming our original construction schedule in Fort Worth, which should allow us to open and serve our Texas customers in May of 2005.”
