Still shot from video by Fred Britt
The Broad Metro development company has started clearing land for the second phase of Stadium Trace Village in Hoover, Alabama.
The Hoover City Council on Monday night is scheduled to vote on an economic incentive package being sought for the second and third phases of the Stadium Trace Village development at the intersection of Interstate 459 and John Hawkins Parkway.
City Administrator Brian Muenger on June 22 shared details of a $28 million incentive package that was proposed to the City Council for phases two and three.
Most of the incentives — up to $23 million — were tied directly to the 147 acres yet to be developed in phases two and three. But the developer, William Kadish of Broad Metro, also was seeking to expand the amount of tax rebates he received for phase one from $20 million to $25 million and to give him an extra four years beyond his existing agreement to capture that extra $5 million, Muenger said. That would bring the total amount of new incentives possible to $28 million, he said.
The only upfront cash outlay the developer was seeking was a $4 million payment to help with stormwater improvements that will help solve a problem of sediment erosion into nearby Scout Lake, Muenger said.
The rest of the proposed incentives involved tax rebates, including 60% of sales taxes received from new development in phases two and three, 75% of lodging taxes from phases two and three and 75% of construction-related sales taxes and construction permit fees, Muenger said.
The city should be able to recapture the $4 million upfront cash outlay by the fifth year, and the total amount of revenue the city should receive from the development over 20 years is $27.1 million, Muenger said. After 13 years, the city should expect to get 100% of sales and lodging tax revenues, which should amount to about $1.9 million a year, Muenger said.
Additionally, Hoover City Schools should get $24.6 million in new property taxes over 20 years because the value of the land will increase dramatically with all the site improvements and development, Muenger said. And the combined amount of revenue going to all governments (the city, Jefferson County, state and Hoover schools) is projected to be $63.8 million over 20 years.
See more details, including what kind of development is being proposed for the property.
See the rest of the Hoover City Council July 13 agenda here.
