Getting your Trinity Audio player ready...

VALLEY — The City of Valley has approved an amended incentive agreement for a development company that intends to expand an existing shopping center. Valley Village Square South LLC/Valley Outlot LLC has plans of extending the Village Square Shopping Center on the south end, parallel to Highway 29.

The city has agreed to rebate back to Valley Village Square South LLC/Valley Outlot LLC 50 percent of the city sales tax collected from the new stores that will be locating there. The development company is looking at a $13 million to $15 million investment that will add up to eight new stores to the south end of the existing shopping center. The new development will be located behind Dairy Queen on Highway 29.

Site preparation will start in 30 to 40 days. Trees will have to be cut and removed and the site leveled before any construction can begin.

“This will be a big deal for the city,” Mayor Leonard Riley said. “There will be seven or eight new stores, and a couple of them will be pretty large in size. Some future tenants are under contract. I think everyone will be excited when it’s announced what new businesses will be coming here.”

The rebate will be remitted to Valley Village Square South LLC/Valley Outlot LLC on a quarterly basis once the new stores are in business. The total amount remitted by the city will not exceed $4,350,000.