Archive for Wednesday, June 29, 2005

Local retail center for sale

June 29, 2005

A Tonganoxie retail center is on the market.

The center, at the northwest corner of U.S. Highway 24-40 and Main Street, is home to Dollar General, Santa Fe Laundry, Couch Potato Video, Lynch Real Estate and Subway restaurant.

The center is owned by Baldwin resident Ken Hayes and Lawrence business partners, Michael Hultine and Ray Christian. Hayes said the owners, who are asking $1.4 million for the property, are planning to start other projects.

"One way to finance is to use capital turned back into cash," Hayes said Thursday. "We just took everything we own, except for our homes, to turn into cash."

Their other properties on the market includes a retail center in Baldwin that houses a Dollar General store and several other businesses.

"That caused quite a stir also," said Hayes, whose term as Baldwin's mayor expired in May. "Everybody thought I was leaving town."

Hayes said the local center has been successful. Construction began in April 2003, and Dollar General opened about five months later.

"I don't think we damaged any of the businesses that were downtown or existing," Hayes said. "I know that Dollar General has been nice as far as sales tax goes, for the city of Tonganoxie. And, considering what we have to pay on property taxes."

Though the amount of sales taxes contributed by specific businesses can not be released, Kathy Bard, assistant city administrator, said Dollar General ranked in the top 10 businesses in the city for generating sales tax. And, according to the county clerk's office, 2004 property taxes on the center totaled $28,591.14. Of that, $8,942 went to the city.

As for any future project the owners of the Tonganoxie center have in mind, Hayes declined to answer. But when asked if it could involve Tonganoxie, he said, "possibly."

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