Skyline CRA approved

City Council unanimously approved a Community Reinvestment Area (CRA) tax exemption agreement with KMS Realty, LTD to build a new Skyline Chili at E McMillan Street and Victory Parkway in Walnut Hills.

KMS Realty, LTD plans to build a 3,600-square-foot restaurant with 140 seats, 60 parking spaces and a drive-thru. The estimated cost for the project is $1.3 million-$1.6 million.

The tax exemption is estimated to reduce the developer's tax liability by $172,860 - or 75 percent - over a period of fifteen years.

Under the terms of the deal, the developer promises to create 16 new jobs - four of which will be full-time - by 2011.

The new employees are expected to increase the restaurant's annual payroll by $124,230.

Employees at the current restaurant at 1202 E McMillan Street will be moved to the new locationand the old space will be leased to Taco Casa.

KMS Realty, LTD has built and owns five Skyline Chili restaurants and five other commercial properties.

Previous reading on BC:
Council to vote on Skyline CRA (12/5/07)
Tax exemption for Skyline expansion? (11/2/07)