IKEA Expected To Boost Sales Tax Revenue In Centennial
CENTENNIAL, Colo. (CBS4)- The Mayor of Centennial said the amount of money IKEA will bring into the area is huge. Although just how much is still up in the air.
Judging by the lines of shoppers waiting for the store to open on Wednesday, it could be quite a lot. All the hype is viewed as a good thing by many of Colorado’s elected leaders.
“I think anytime you get a shot in the arm like this, a real jolt of optimism, it’s a good thing,” said Gov. John Hickenlooper. “These people who are thinking about starting a business, they see all the excitement, they say, ‘Hey, maybe things are getting better.”
IKEA’s opening adds 400 jobs to the area. As for attracting customers, the 415,000 square foot superstore is hard to miss, from Interstate 25 or even from space.
Economists hope IKEA’s opening will help boost surrounding businesses, as well, bringing in shoppers from as far away as Kansas, Wyoming and Montana.
“They weren’t going to come and shop local stores. But once you’ve made the trip here, this is a destination. Now you’ll be shopping everywhere. So, we think it will actually boost some of the smaller companies,” said Centennial Mayor Cathy Noon.
Noon said IKEA will bring in sales tax revenue that can help the city make improvements.
“This will allow us to do bigger projects, more road resurfacing, be able to provide those city services our citizens desperately want and we want to be able to provide a good place to live,” said Noon.
Some of the first projects to tackle: widening the roads along County Line Road and Arapahoe Road.