BRISTOL, Va. - On Tuesday, Bristol, Virginia leaders announced another anchor store in The Falls development project.
Lowe's will move to the development from its current location off Exit 7, but that move will come at a price.
The City of Bristol, Virginia has agreed to pay Washington County, Va. over the course of seven years to make up for the tax revenue the county will lose.
"When Lowe's opens up, every quarter, we'll pay them so much, which will end up being $350,000 a year. Now, if we put a business or two in the old Lowe's store, that will be reducing that $350,00 by the amount of tax money they get," Bristol mayor Guy Odom said.
The deal also includes a financial incentive for Lowe's.
City leaders have also agreed to pay the company at least three percent of their annual sales.
They expect the store to open in about one year.
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