Council OKs preliminary terms of grant to new owner of Kum & Go
Business Record Staff Sep 13, 2023 | 7:00 am
1 min read time
199 wordsAll Latest News, Real Estate and Development, Retail and BusinessThe Des Moines City Council this week approved preliminary terms of an urban development agreement with FJ Management Inc., which plans on opening a regional headquarters in downtown Des Moines. FJ Management, which owns Maverik convenience stores, recently acquired the Kum & Go chain and Solar Transport, both of which had been owned by Krause Group. Chuck Maggelet, CEO and chief adventure guide for Utah-based Maverik – Adventure’s First Stop, previously had told the Business Record the company planned on opening a regional headquarters in the Des Moines area. FJ Management plans on leasing about 40,000 square feet of space at 1100 Locust St., in a building owned by Nationwide Insurance Co. The preliminary agreement between the city and FJ Management calls for the company to maintain at least 250 jobs for a minimum of 10 years. In addition, employees would receive an average annual salary of $98,000 and be required to work in the office at least three days a week. In exchange, the city would provide FJ Management a $250,000 economic development grant, paid in $25,000 increments over 10 years. The council, without comment, approved the preliminary terms of the agreement at its meeting earlier this week.