COUNCIL BLUFFS — It looks like another Walmart store is coming to Council Bluffs.
The City Council on Monday will address a financial incentive requested by the company.
According to information prepared for the council, the national retail chain has contracts for acquisition of four parcels of property south of Nash Boulevard and North 16th Street and proposes construction of 155,400 square feet of retail space.
The proposed store in north Council Bluffs is expected to be about the same size as the one at the Manawa Power Centre, along the South Expressway just north of Interstates 29-80.
Upon completion, the council material says, the new store is anticipated to create $8.9 million in assessed value.
Walmart is requesting city assistance in the form of rebates from sales tax generated in an urban renewal area, City Attorney Richard Wade said.
"State law allows cities to capture a 1-cent sales tax within an urban renewal area," he said. "Once we receive these (funds), we would give back some of it to the company for the project."
The proposed site is where Richman-Gordman and Hy-Vee stores once operated.
The so-called tax-increment-financing rebate would cover 10 years, and the maximum the company would receive from the city is $3 million.
The council is to decide Monday whether to authorize the mayor to proceed on the funding request.
Before the council gives final approval, Walmart would have to submit a development plan that would include a traffic report and storm water management plan.
A local attorney who represents Walmart couldn't be reached for comment Friday.