BUCKEYE FIVE BELOW DIST FTZ LETTER OF SUPPORT.PDF

FOREIGN TRADE ZONE
REQUEST FOR NON-OBJECTION
FIVE BELOW, INC.
Greater Maricopa Foreign Trade Zone No. 277
Located at 2150 S. Miller Rd., Buckeye, AZ, 85326, parcel 504-26-008J. The owner and site developer is
Five Below, Inc. This project is also known as “Project Scorpion.”
Summary from the owner’s representative
Five Below, Inc. is applying for Foreign Trade Zone (FTZ) designation for a site located at 2150 S. Miller
Rd., Buckeye, AZ, 85326, parcel 504-26-008J, to be included in the Greater Maricopa Foreign Trade Zone
No. 277. FTZ designation will allow reclassification of this property from Class 2 with a tax assessment
ratio of 15% to Class 6 with a tax assessment ratio of 5% under A.R.S. 42-12006.
Five Below, Inc. (Five Below) is a fast growing national retailor that has selected Buckeye, Arizona for their
distribution facility. This facility will service their stores throughout the Southwest as well as house
internet sales. Five Below plans to build an 850,000 square foot building as part of their first phase. This
value-added distribution facility will serve all existing retail stores in the region and allow expansion for
additional stores to open. The new distribution facility is scheduled to begin operations in the third
quarter of 2021 and is expected to initially create approximately 150 new job positions with an annual
payroll of $7.8M and average salary of $52,000. Over a 10-year period, employment will increase to
approximately 290 positions with an annual payroll of $15.9M and average salary of approximately
$55,000. The total investment planned for real property improvements and personal property is
approximately $58.M and $30M, respectively.
Status of Taxing Jurisdiction Concurrence Letters
• Received Concurrence Letters
o City of Buckeye
o Buckeye Elementary School District #33
o Buckeye Union High School District
o Western Maricopa Education Center (West-MEC)
o Maricopa Community College District
o Central AZ Water Conservation District (CAP)
• Pending Concurrence Letters Expected by March 24, 2021
o Maricopa County Special Health Care District (a.k.a. Valleywise Health)
Fiscal and Economic Impact
Economic Impact estimates are provided by Greater Phoenix Economic Council (GPEC) and ESI
Corporation.
• Five Below will add approximately 290 jobs with a total payroll of $120.7M over a 10-year period.
• Estimated $120.7M of direct personal income and an additional $99.5M of indirect personal
income for a total of $220.2M in Maricopa County over a 10-year period.

• Over a 10-year period this project will create $297M in economic output, with $136.5M in direct
economic output, and $160.6M in indirect output.
Property Tax Impact
• Property taxes for this parcel when improvements are completed and as a Class 6 property under
FTZ designation, will grow from approximately $6 to approximately $124,000 annually for
Maricopa County.