Annual CID collections at Village Shops, Corinth top $500K for first time since inception

Sales at the Village Shops rose by 11.4 percent from 2013 to 2014.
Sales at the Village Shops rose by 11.4 percent from 2013 to 2014.

Final numbers for Community Improvement District sales tax receipts from the Village Shops and Corinth Square for 2014 showed that both centers brought in more than $500,000 for the first time since the CID taxes went into effect in 2011.

A chart showing the growth of CID tax collections at Corinth Square and the Village Shops since 2011.
A chart showing the growth of CID tax collections at Corinth Square and the Village Shops since 2011.

Collections at the Village Shops, where crews wrapped up the construction of a new retail building and the renovation of Mission Lane this past year, jumped markedly from 2013, with $511,319.83 in CID collections compared to the $458,931.14 from the previous year, an increase of 11.4 percent.

At Corinth Square, CID collections jumped from $477,418.18 in 2013 to $516,651.88 in 2014, an increase of 8.2 percent.

Total CID collections to date are $1,853,501.87 at the Village Shops and $1,861,793.26 at Corinth Square.

The CID taxes will be in effect through 2032, a total of 22 years.

The center’s owners have submitted $4,193,767.55 in reimbursement requests for work done to date at Corinth Square. For work on the Village Shops, reimbursement request totals are $1,858,652.78.