IKEA store construction hits asnag
CORDOVA, Tenn. There is an issue that could cause a delay in the construction of IKEA in Cordova.
A source confirms the furniture store is at odds with Shelby County Assessor Cheyenne Johnson.
The disagreement is over the assessed value of Cordova property on which the store is being built.
It is Johnsons job to ensure property is properly valued and taxed and to collect that tax.
The site is located just off I-40 and Germantown Parkway behind Costco.
The store is expected to employ 175 people.
The assessors office thinks the land is undervalued by millions of dollars and wants to increase the assessment.
IKEA disagrees mainly because it would cost the Swedish company more than a $100,000 in taxes and even more in tax incentives.
The company hasnt officially approved construction of the store, partly due to the dispute.
An IKEA representative told us the company is optimistic next years planned opening will happen on time.