Brent Frank
Brent Frank
basically derivative investment local meals retailers sales state treated
The retailers of the world basically said, why aren't we treated in the same fashion? State governments are getting sales tax. Local governments are getting sales tax. Local governments are getting meals and lodging taxes. And all of that is a derivative of our investment in their community.
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Just as we saw with Wal-Mart, the immediate sale of properties on Lucy Lane, and shortly after that, with the arrivals of Home Depot and Lowe's and Cracker Barrel, we saw that rapidly come along.
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The state provides incentives because they were going to get income-tax revenue. Local governments provided incentives because they were going to get machinery-and-tools revenue.
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The intent of the board is to certainly stay in the city of Waynesboro with our retail presence. We always hope to be in Waynesboro.
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We have always welcomed opportunities to partner with other jurisdictions and other organizations to have a presence in other parts of the Commonwealth. We would never turn down the opportunity to talk about how we can partner with somebody to have a presence in any jurisdiction from Southwest all the way to Northern Virginia.
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The plan is to return the site to raw land and start over again.