The City Council of Pell City has approved incentives to support a project development agreement proposed by a local firm.

Noon Pell City LLC is looking to build a 100,000-square-foot commercial retail center on approximately 19 acres along Dr. John Haynes Drive in Pell City.

According to public notices, the city would provide a cash incentive to Noon Pell City LLC in the amount of $2,888,000 within 30 days after the company acquires the land. The City would give the Company another $2 million within 30 days after the commencement date of the property.

The company anticipates that a “cooperative district” will be created as a result of the project. In turn, the proposed incentive includes a $6.5 million bond for public infrastructure to be paid through a 1% user fee accessed from businesses operating within the district. It also includes a 2% performance-based sales tax rebate paid to the developers over the course of 20 years with a cap of $9.5 million.

The incentives will assist in acquiring, constructing and developing the project, will offset a portion of the company’s cost in acquiring the property and will cover the extensive site preparation and public infrastructure costs related to the development.

The Class A development would house national, major anchor tenants and smaller, component retailers, restaurants and/or service enterprises. According to ABC 33/40, residents and local business owners are excited to be able to invest into their own community instead of having to travel into surrounding cities like Birmingham, which is about a 40-minute drive away. If the proposal is passed, T.J. Maxx and Hobby Lobby will be among the first tenants.

The new development, projected by city leaders to generate over $30 million in tax revenue with $11 million allocated to the school district alone, is expected to encourage and foster retail and commercial growth and development in the creation of substantial full- and part-time jobs for city residents.

By Illyshia Parker, Commercial Real Estate Reporter, Birmingham Business Journal
Original article: https://www.bizjournals.com/birmingham/news/2021/12/28/pell-city-council-approves-incentive-for-retail.html