From staff reports
news@joplinglobe.com
NEOSHO, Mo. — Neosho officials on Tuesday said they issued a building permit for a $6.6 million Lowe’s Home Improvement Store. The city received the permit application Monday.
Lowe’s is planning to build a store of 93,000 square feet with an additional 26,000 square feet of garden space. The store will be across from the Wal-Mart Supercenter on Clemons Drive.
According to a press release issued by the city, the store is expected to employ 120 people.
Lowe’s is projecting annual sales of $20 million, according to the city, and that would result in $500,000 in additional sales-tax revenue for the city.
Of that, $250,000 will go into the city’s general fund. The remaining $250,000 will be used to pay for infrastructure projects needed for the store under the city’s tax increment financing arrangement.
The Neosho City Council approved the plan earlier this month after a recommendation from the city’s TIF commission.
Ryan Swanson, a site development manager for the home-improvement chain, said preliminary work could begin in August, with the store opening planned for sometime next year.
