New Circle K Celebrates Tax Savings
Corpus Christi, Texas, RC
The CRD, available to businesses in RCs, has created 14 jobs at a new Circle K convenience store located in the Corpus Christi RC. The new store celebrated its grand opening in May 2004.
The Corpus Christi RC provided SSP Partners, owners of the Circle K franchise, with the opportunity to receive a CRD allocation of $850,000, which allows the business to rapidly accelerate the depreciation of the building. CRD allocations are available to businesses in RCs that build or substantially rehabilitate commercial properties. Business owners that receive CRD allocations can deduct their construction or rehabilitation costs over 10 years instead of the normal 39, thus saving substantial amounts in taxes.
Corpus Christi Mayor Loyd Neal, who participated in the grand opening event, says that SSP Partners has been a leader in ongoing revitalization efforts in the RC and that the city of Corpus Christi is proud to have been part of a project that turned what had been a vacant lot for 10 years into a first-class convenience store.
The 14 new jobs created by construction of the store will generate an annual payroll of approximately $250,000. The 4,700-square-foot facility includes 16 fueling stations and food service from an onsite kitchen and from Laredo Taco Company.
According to Sam Susser, SSP Partners president, the CRD allocation allowed the company to expand its plans for the store. Susser believes the new Circle K will help generate increased activity by both area residents and tourists visiting the nearby convention center and multipurpose arena and attending games played by the Corpus Christi Hooks minor league baseball team.
For more information on the Corpus Christi RC, contact Director of Economic Development, Ms. Irma Caballero, at (361) 826-3850.
(Information in this story was derived from the Corpus Christi Caller-Times, May 8, 2004.)