By MICHELE HOLTKAMP-FRYE, Daily Journal of Johnson County assistant managing editor

Construction is stopping indefinitely on a megastore outdoor retailer in Greenwood that was attracted to the city by an $18 million incentive from public officials.

Cabela's had already started preparing the site at County Line Road and Interstate 65, but that work will now stop.

The company initially planned to open eight stores this year, but cut that plan to two because of the current outlook of the U.S. economy, said John Castillo, spokesman for the Nebraska-based retailer.

One store will open in South Dakota, and the other store that will proceed to open hasn't been determined, Castillo said.

Two stores will open in 2009, but those properties haven't been determined, Castillo said.

Construction crews had already started preparing the site for the 125,000-square-foot retail store and a 30,000-square-foot indoor water park, Splash Universe. Anticipation of the store had also prompted several hotels to begin plans to build in the area.

The status of those projects is unclear in light of Cabela's announcement.

Greenwood Mayor Charles Henderson announced the deal this summer and said he had negotiated an $18 million incentive to bring the company to Greenwood.

Greenwood city government was to issue an $18 million bond that would be purchased by the store's parent company, Cabela's Inc.

The money would be put into a fund administered by a trustee and used to build roads, install utilities and start construction.

Cabela's and other businesses on the 102-acre site will pay an annual property tax. That money would be sent to the redevelopment commission, which oversees the tax-increment financing district, and used to pay off the $18 million debt.

What happens with that money now is unclear.

Cabela's announced the decision to indefinitely halt new store openings with its preliminary financial results for 2007.

"The company's fourth quarter results were primarily impacted by a challenging retail environment which negatively impacted the Company's same store sales and to a lesser extent the Company's direct business. Additionally, productivity of some new stores did not meet expectations," the company said in a news release.
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