WAUSAU, Wis. (WSAU) – Wausau has finalized an agreement with a Madison developer to build a new Walgreen's on the city's west side.

The City Council approved the developer's agreement Tuesday with Flad Development for the 14,500 square foot drug store near the corner of 17th and Stewart Avenues. The project also includes space for a future commercial building.

The city will contribute about $113,000 in tax increment financing to help relocate some overhead electric power lines, vacate a part of Stewart Avenue and reduce the size of an existing access restriction on Wegner Street.

The city will recoup its investment on the property tax increment generated by the development.

The development is expected to increase the property tax base by more than $1 million and add 20 full-time jobs.

The store would be the third Walgreen's in the metro area. The other two Walgreen's are at 1st Avenue and Bridge Street in wausau and at Schofield Avenue and Business 51 in Weston.