The following info just hit my mailbox while I was home for lunch:
Mr. Curt Craig from Cub Foods in Minneapolis [said] they are closing the Midtown Plaza Cub Food Store. […] This will happen the first part of March, with the last employees leaving mid-March.
You remember Midtown Plaza. The City paid $5.5 million to clear the land (including knocking down old ladies’ houses on Dechman) required to make way for this project and made the area a TIF district after rejecting their own consultant’s report that said this was a bad deal for the City. They listened to the developer’s consultants instead.
The city’s consultant (Development Strategies, Inc.) predicted, according to a Journal Star editorial on 3/9/1999, that Cub Foods “would draw 90 percent of its customers from other city grocery stores.” Joseph’s consultants (Melaniphy & Associates, Inc.; Deloitte & Touche) predicted “43 percent of revenues would come from customers living outside the city” and that Cub Foods “would draw customers from a 10-mile radius.”
The city’s consultant was right. After Cub Foods opened, Thompson’s/Sullivan’s and John Bee both closed. With the loss of Cub Foods, where are East Bluff residents supposed to go for groceries now?
Also, will the city get a refund on that TIF money from the developer?