The Clinton County Council unanimously approved a pair of declaratory resolutions Tuesday that gives a huge push towards developing the corridor at State Road 28 and Interstate 65.
“Today was the first step in the process for two tax abatements for major development projects out at the interchange,” said Clinton County Council President Alan Dunn. “The first was the NHK expansion that’s been a central partnership with the county to really give us the peace of mind and confidence that putting these pipes in the ground is the right thing to do.”
The second project had been labeled Project Sting until everything could get taken care of on paper.
“It (the tax abatements) also allowed us to get that second project which we learned today was the company Five Below,” said Dunn. “This is going to be the Midwest distribution center and e-commerce hub and it’s going to be an 800,000 square foot facility with about an $80 million investment. So, it’s a big project.”
Shannon O’Hara, who is the managing director for Cushman & Wakefield, said Five Below is headquartered in Philadelphia and was established in 2002. This is a retail company for teens and tweens with most items $5 or less.
In November, the company just recently went to some $10 and below items — which include tech products and certain toys and games. That’s the first time in 17 years that its price point has gone up. The company said it will keep those items in a separate area of the store called “Ten Below Gift Shop.” For electronics, Five Below is adding a section called “Ten Below Tech.”
O’Hara added this would be the fourth distribution center in the country for the company, which has 900 stores across the country in 36 states. They expect to employ 280 people.